It has been almost a year of tremendous struggle for most Americans, having to deal with the deadly pandemic, political anxiety, and financial strain. As 2020 approaches the finish line, one can’t help but ponder on how life had been out of the ordinary since the Covid-19 virus touched American soil. Travelling was severely restricted. Dining out was highly discouraged. Theatres and shops closed down. Working from home became the in-thing. But while most consumers saved on outside spending, the bills at home went up as a result of increased usage of utilities and Wi-Fi connection, streaming subscriptions, food delivery, and perhaps even house improvements. ANCHORY LLC, a financial and investment advisor company in the State of Texas with over ten years of experience, strongly suggests using tax-planning strategies to help ease one’s financial load on tax dues.
Among the tax strategies recommended by ANCHORY are Roth conversion, charitable giving, and bundling contributions, which can increase deductions. The company also revealed some of the temporary but significant changes in the financial planning landscape brought about by the CARES Act like the suspension of the Required Minimum Distributions (RMDs) for 2020, raising the required age to 72, and removing the “stretch IRA” option for inherited accounts. Also, ANCHORY barred employer benefits provided by the CARES Act such as the use of qualified disaster relief grants due to the Covid-19 pandemic, which offers a more favorable tax treatment for both the employer and employee, and the exclusion from the taxable income of educational assistance payments provided by employers. And for families directly affected by the Covid-19 crisis, such as infections on family members or loss of employment, ANCHORY said they can avail of the Distribution Exception, which allows them to take up to $100,000 from their IRA to aid with their financial needs.
For more about ANCHORY’s Year-End Checklist and tips, visit https://www.ANCHORY.com/blog-categories/free-guide.
ANCHORY LLC specializes in financial planning and investment management with over 100 plans formulated for every type of client. They also excel in risk management, retirement planning and estate planning, and cater to all types of clientele from college students to businessmen to retirees. ANCHORY adopts a more personalized approach in helping clients in order to better understand specific financial situations, and design more appropriate solutions. They also have a wide range of financial advisory services like decision-making support on insurances, home financing, stock options and compensation, as well as reviews on wealth planning, private equity and hedge fund. As for the investment advisory services, ANCHORY offers advice on Total Return Strategy and Smart Beta Weightings, portfolio monitoring and rebalancing, tax optimization, and estate, tax and legacy portfolio construction.
The complete list of financial plans can be viewed at https://www.anchory.com.
ANCHORY LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.