Brad Sprong

Brad Sprong

Co-leader, Family Offices & Private Client Services, KPMG US

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Insight

2020 personal tax planning guide

KPMG’s 2020 personal tax planning guide provides valuable information about the current tax laws and provides planning tips.

 

 

To support year-end tax planning and help you plan for the year ahead, KPMG LLP (KPMG) presents the 2020 Personal Tax Planning Guide. Prepared by tax professionals from our Washington National Tax office, the guide provides valuable information and insights to support your year-end tax planning and ensure your tax position is in shape heading into 2020.

 

In addition to chapters on individual income tax planning, planning for your business, the Qualified Opportunity Zone program, and investment-related tax issues, the guide includes information for higher-income taxpayers concerning retirement planning, charitable giving, and estate and gift planning.

 

What's new for 2020

Among the key changes affecting individuals for tax years 2018 through 2025 are: 

 

Excess business loss limitation threshold now $255,000 at the individual level.

Individuals living in high-tax states have the opportunity to fund nonresident nongrantor trusts if income on transferred assets would be subject to tax.

Increased estate, gift, and generation-skipping transfer tax exclusion of $11.4 million per person for 2019.

 

 

New rules provide flexibility to investors that want to take advantage of the qualified opportunity zone tax incentives.

 

 

 

 

Details on new rules of Section 199A and the 20% qualified business income deduction.

Discover more

   

   

Personal Tax Planning Guide

Download the full 2020 Personal Tax Planning Guide today!

   

   

 

 

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Related services 

 

Family Offices and Private Client Services

Helping family offices and private clients stay ahead of change.

Trust Tax Services

Guidance in managing your client's estate and trust taxes.

KPMG's individual tax services may only be provided to owners and senior executives of private business clients of the firm or in connection with global mobility services or bank trust outsourcing services.