August 20, 2020

You Filed your Taxes on 7/15… What’s Next?

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With the tax filing deadline behind us, now is a good time to determine if there is action you can take today to reduce your tax bill in 2020.

Things to consider

Are you in a lower tax bracket than last year? Consider a Roth IRA conversion for a piece, or all of your IRA.
If you have a Flexible Spending Account, check the balance to make sure you are on track to use it up. Many plans allow you to carry over $500 into the next year. Any unused money will be lost. Check your plan for specific rules.
Take a look at your dividends on your tax return. Qualified dividends get better tax treatment than non-qualified. Are there ways to reposition your investments to get higher participation in qualified dividends?
If you received a refund, consider directing it to a 529 College Savings Plan for your children or grandchildren.
The CARES ACT allows Required Minimum Distributions to be skipped this year, and withdrawals from your IRA may be made without penalty in some circumstances.

Have any of these topics sparked your interest?
Click the button below to discuss these strategies in greater detail or simply reply to this email with any questions you may have.

BROUGHT TO YOU BY:

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Thomas G. Duffy, CPA/PFS
Partner/ Woodland Hills
DK Wealth Management LLC
21600 Oxnard Street, Suite 2000 Woodland Hills, CA 91367

Tel 818-385-0585
tom@dkllpcpa.com

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Daisy Hom, CPA
Partner/San Diego
DK Wealth Management LLC
4225 Executive Square, Suite 900
La Jolla, CA 92037-1485

Tel 858-642-5050
daisy@dkllpcpa.com

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Kristopher Lindley, CFP®
Financial Consultant
DK Wealth Management LLC
12555 High Bluff Drive, Suite 210
San Diego, CA 92130

Tel 619-550-4619
Kristopher.Lindley@LPL.com

DK Wealth Management LLC | La Jolla | University Heights | Woodland Hills | Beverly Hills

Investment advice offered through Integrated Financial Partners, doing business as DK Wealth Management LLC, a registered investment advisor. Thomas Duffy and Daisy Hom are solicitors to Integrated, compensated for solicitor services. Thomas Duffy and Daisy Hom do not provide investment advice. Thomas Duffy and Daisy Hom are not affiliated with Integrated Financial Partners. Click on the links for a copy of the firm’s ADV and solicitor disclosure statement.

The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners and LPL Financial do not provide legal/tax advice or services. Please consult your legal/tax advisor regarding your specific situation.

The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners and LPL Financial do not provide legal/tax advice or services. Please consult your legal/tax advisor regarding your specific situation. The information contained in this e-mail message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying of this message is strictly prohibited. If you have received this message in error, please immediately delete.

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