Capital Preservation Services on Blogger: Strategies for Year-End Tax Planning in 2020

Wednesday, November 11, 2020

Strategies for Year-End Tax Planning in 2020

Capital Preservation Services is led by a team of established professionals committed to serving business owners' tax-planning needs. At Capital Preservation Services, customized strategies are put in place to help businesses reduce tax liabilities.

Year-end tax planning is always important. However, the year 2020 has been unprecedented in many ways, and many businesses have experienced challenges due to the COVID-19 pandemic. The Coronavirus Aid, Relief and Economic Security Act and Tax Cuts and Jobs Act allow corporations to claim unused Alternative Minimum Tax credits, giving businesses opportunities to file for quick refunds.

According to President Donald Trump’s COVID-19 disaster declaration, businesses in all 50 states may be eligible for refunds from particular forms of losses. This provision allows businesses to claim quick refunds for losses related to the COVID-19 pandemic.

Also, the IRS guidelines provide relief for businesses that invest in Qualified Opportunity Funds. Considering such factors, businesses that anticipate a loss at the end of the year can file for quick refunds after being appropriately guided by a team of professionals.

About Capital Preservation Services

Capital Preservation Services is a well established Flowood, Mississippi practice that provides strategic tax planning and marketing solutions aimed at small businesses and clients of high net worth. A core Capital Preservation Services (CPS) approach centers on identifying optimal tax savings routes and designing asset portfolios in ways that minimize penalties on earnings and assets held.

CPS custom tax planning services are tailored to professionals such as dentists, optometrists, lawyers, and physicians. Over the years, the firm has helped many who maintain their own practices dramatically improve their financial situation through developing tax savings plans in tandem with market-driven strategies for reaching new clients.

The highly qualified team at Capital Preservation emphasizes that marketing and tax plans complement one another, as they impact the same bottom line. Tax savings realized can often be funneled back into the the practice’s efforts to expand into new markets and further consolidate growth. Additional areas of CPS' expertise include wealth conservation and charitable easements, as well as nonqualified deferred compensation planning.