LBF Group Facebook page
LBF Group LinkedIn page

Client Login

- Individual Clients
- Business Clients
- Client Employee

Forgot Your Password? Please try logging in with the last password you remember first. (If that fails, you'll be able to reset your password on the next page.)

Accounting Login

(Hosted QuickBooks)

Accounting Login

(QuickBooks Online)
Send Request


Planning for Tax Year 2020

Brandon Borsen, CPA

January 2, 2020

Now that 2019 is two days in the past, it is already time to begin preparing for 2020. Here are a few tips to help make your 2020 tax process more efficient:

  • Organize your receipts and other documentation to better prepare for your 2020 filings
    By both saving your receipts and tracking your other documentation throughout the year, you will be better prepared for year-end planning and tax preparation at the end of the year.
  • Review your retirement account contributions and increase them, if possible
    If you are not maxing out your retirement contributions, review your finances to determine whether you are able to increase your contributions by funding them throughout the year to increase your tax savings. Even if you are maxing out your retirement contributions, please review the changes to retirement contribution limits in 2020, as found here.
  • Consider if you will have enough deductions in 2020 to itemize
    The standard deduction amount for 2020 will increase to $12,400 for single taxpayers and $24,800 for those married filing jointly in 2020. If you believe you will itemize in 2020, then it may be a good time to increase your charitable deductions to fully maximize your deductions.
  • Review withholding status
    If you were under withheld in 2019, consider increasing your withholding for 2020 to avoid another unexpected tax bill at the end of the year.

 Please contact us with any questions or to help you plan for your 2020 Tax Year!

Back to List

Latest from Our Blog

Help us. Help others.

Tell us about your experience with our firm.

Review Us