Guest: Bob Keebler, CPA/PFS

In preparation for a potential cap on itemized deductions and restoration of the pease limitation for those with taxable income above $400,000, Bob Keebler covers what to be considering for 2021 planning with clients, including:

Client scenarios that will make timing ramifications significant
The cap on retirement benefits and the resulting negative arbitrage
Weighing state penalties versus the potential for the SALT deduction to come back
Taking QCDs to get the full benefit of a charitable contribution

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This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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Part 4: Important planning strategies in 2021: Itemized deductions {PFP Section}