Capital gains taxes

The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.

Many taxpayers want to pay less themselves — but want others to pay more.

It may seem counterintuitive, but paying appreciably more taxes in 2020 could save families a lot of money down the road.

Here's an at-a-glance guide to the candidates' positions on individual taxes.

Many clients have seen the value of their investment accounts drop, making this a good time for planners to prove their value

There are appealing methods to shift investments “upstream” to aging parents or “downstream” to grown children.

Few clients think to look at the impact of capital gains on their mutual funds.

If not addressed, the client may see a higher tax bill than was planned. That won't go over well at tax time next year.

One option is to sell funds with lower or no estimated distributions, especially if possible savings will exceed trading costs.

Clients should consider paying more deductible expenses before year-end if their total itemizable deductions will be close to their standard deduction amount.