The Street: “Don’t Miss These Best Tax Planning Ideas Left for 2020”
December 17, 2020 — “Time is running out to trim your 2020 tax bill,” writes Robert Powell in today’s article in The Street. From distributions to donations, readers find a year-end tax to-do list, including investment-related strategies, charitable contributions, and home business ideas.
If you are a lifelong learner, you’ll want to check out Marguerita Cheng’s advice:
“If you need to take a class to invest in yourself and improve your prospects, develop new skills and acquire certifications, consider paying in 2020 to start in 2021”, says Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth.
Why so? “So, you can take advantage of the lifetime learning credit (LLC). According to the IRS, the LLC is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution. This credit can help pay for undergraduate, graduate, and professional degree courses — including courses to acquire or improve job skills. There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.”