BST’s Timely Tax Tidbits

Tax filing season is fast approaching. The deadline to file (or extend) your return is April 15. Before you file your federal income tax return, however, it’s important to review the tax breaks that are available under current tax law. Here’s an overview of five popular tax credits for individual taxpayers to consider for 2020.

The Consolidated Appropriations Act, enacted in December 2020, extends and modifies several key tax provisions originally included in the CARES Act. Among the provisions are several that benefit charitable givers — and, by extension, charities. This article describes them and encourages nonprofits to reach out to supporters now.

Tax breaks can provide much-needed relief to manufacturers that have been struggling during the COVID-19 pandemic. A massive spending package that was passed late in December 2020 contains seven federal tax relief measures that may be relevant to the manufacturing sector. Here’s the story.

If you believe that your federal income tax rate when you retire will be higher than it is today, you might consider a Roth IRA conversion. While the current tax hit from a Roth conversion is unwelcome, it could be a relatively small price to pay for future tax savings. Here’s important tax information for you to consider when evaluating whether a conversion makes sense for you.

ALBANY, New York – January 13, 2021 – BST & Co. today announced that Kimberly Wright has been appointed partner in the tax department at the Capital Region-based financial and management consulting firm. Wright formerly served as senior tax manager and originally joined BST in 2008.