Brad Sprong

Brad Sprong

Partner, National Tax Leader, KPMG Private Enterprise, KPMG US

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2021 personal tax planning guide

KPMG’s 2021 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 2021 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 2021. 

 

What's new for 2021

Personal tax planning guide

Read the full 2020 Personal Tax Planning Guide today.

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law in March 2020, contained several tax-related provisions, including some temporary changes relevant to individuals. 

Among the key temporary changes in the CARES Act affecting individuals are: 

 

A retroactive suspension of the excess business loss limitation for tax years beginning before 2021 (creating the potential for some business owners to access a refund of cash or to pay a reduced tax liability).

A 5-year carryback period for NOLs arising in tax years 2018, 2019, and 2020.

A temporary suspension of the TCJA-imposed 80% of taxable income limitation on the use of certain NOLs.

A potential opportunity for individuals who itemize to deduct up to 100% of their adjusted gross income for certain charitable cash contributions made in 2020.

 

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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.