“If you have a tax preparer, you do not have a tax planner.” —James Pollard’s CPA “Tax preparation is focused on getting this year’s tax return prepared and to the IRS … it’s all about what happened this last year. Let’s get it done and move on … the contrast to that in tax planning is taking a forward-looking approach to saying, ‘what can we proactively do to make sure that we’re minimizing how much we have to pay to the IRS?’” —Steven Jarvis, CPA I recently listened to James Pollard’s “Advisor Coach” podcast with guest Steven Jarvis, CPA. Non-industry folks won’t recognize those…
Insights & Advice
Tag: RMDs
IRS lets you save on taxes
(Note: The following is only important to you if you had to take a required minimum distribution, or RMD, in 2020. If that’s not you, save yourself 70 seconds and skip this first section). Dalton — My April 8, 2020, column shared with readers some actions they could take to benefit from the CARES Act. Today, let’s revisit an update to the Act. The information in that column included: Required minimum distributions are waived in 2020. If you’ve already taken RMDs this year, under certain conditions, you can return it. Today let’s look at an update to the CARES Act. On June 23, the…