Along with the many other unusual things that have happened in 2021, this year will be an atypical tax year for many households. Within the context of our clients’ financial lives, some notable events are likely to make this year’s tax returns look much different compared with 2020. We’ve included below the most common changes that might impact you:
Use our checklist to help you review typical tax planning issues before the end of this year. Please reach out to your advisor if you have any questions.
Talk with your wealth advisor to schedule a tax review. During that meeting, make sure to account for all sources of taxable income. From there, you and your advisor can look at the full range of potential deductions and discuss other tax-planning steps to support your overall wealth management strategy. And if you pay estimated taxes, Mercer Advisors can help you stay on track and reduce the risk of being hit with any big surprises on April 15.
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