SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
5610 Ward Road, Suite 300 Arvada, CO 80002
9200 E. Mineral Avenue Centennial, CO 80112
Phone: 303-252-0852
Website: www.walshfinancialsolutions.com
November/December 2020
Bunching Deductions
The Tax Cuts and Jobs Act doubled the standard deduction, which affected many people who had few deductions because they are better off taking the standard deduction.
A Possible Solution
That’s where bunching deductions comes in. Here’s generally how it works: By paying two years’ worth of qualifying deductible expenditures before year’s end you may be able to exceed the standard deduction and deduct those expenses on your 2020 return. Then next year, take the standard deduction. Alternatively, you can push deductions into next year and take the standard deduction this year. Some deductions that qualify include:Charitable Giving
Rather than making your usual contribution every year, it may make more sense to make a double contribution every other year – or a triple contribution every third year.Medical Expenses
If your medical expenses are in excess of 10% of your adjusted gross income, you can deduct them. So, it may make sense to schedule that elective surgery before year’s end—or next year, if you expect higher medical expenses.Property taxes
You could pre-pay property taxes that have been assessed, but this deduction is capped at $10,000.CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
Walsh Financial Solutions, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.