STOP! Don’t Ignore Your Year-End Planning

Joshua Dobi |

As we near the end of 2020, there are several year-end planning items that should be reviewed. To apply things like investments and charitable donations to your 2020 tax return, a lot of things need to be done by December 31, 2020. Whether you are working with a financial advisor, or managing your finances yourself, here are a few things to consider during your year-end planning.



The CARES Act was passed earlier this year in response to the COVID-19 pandemic. The bill revamped a lot of “normal” things this year. From required minimum distribution, charitable contributions, adjustments, to how we’re filing our taxes and where. There were a lot of changes that took place, and you want to be aware of those before you make your final decisions for this calendar year. After December 31st, a lot of those changes are going to sunset and not be applicable for 2021.


Charitable Contributions

If you are charitably inclined, as a reminder, contributions need to be done by December 31, 2020 to be on the 2020 tax year. Going back to the CARES Act, some of the opportunities to give back charitably have been expanded in terms of your write off possibility. This offers several tax planning options for those that are charitably inclined. For example, it might make sense for you to make additional contributions in 2020, versus spreading them out over several years.


This is a topic that you should discuss with your financial and/or tax advisor to determine the best strategy for you.


Tax Loss Harvesting

With tax loss harvesting, you can get a tax benefit to help offset some of your losses. Tax loss harvesting involves selling a losing investment to generate capital losses that you can write off on your tax return. If you have positions in your portfolio, and you would like to harvest those losses to offset some capital gains this year, this is a great opportunity to do that. Make sure you do it by December 31, 2020.


This may or may not be applicable to you and again, is a good discussion to have with your financial and/or tax advisor.


If you have questions about year-end planning or would like to discuss planning for 2021 and beyond, give us a call at (704) 987-1425 or visit us at If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.


You may also be interested in the following article:


The Payroll Tax Holiday and What It Means For You



These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.