2020-2021 Thanksgiving Letter and Tax Planning

November 25, 2020

Dear Friend,

Happy holidays to you and your family! It is a tough year, but there are reasons to celebrate in the holiday season and be thankful.

With Covid-19 lingering, we may not gather physically with our family for thanksgiving, but thank modern technologies, we can still gather virtually through social media and web meetings to show our love to family and friends. We are also thankful for the scientists’ hard work, the Covid-19 vaccine developments are in the final stage and will be available as early as next month. We will be free soon.

The election is over. The Democratic Party is still controlling the house with a slimmer majority. The Republican Party has a good chance of retaining the control of the Senate unless both Georgia Senate seats are taken by the Democratic Party in the run-off election. A split government is hard for Biden to manage, but business and investors celebrated it with record-high stock prices. It seems to be a popular belief that the Trump tax cut may be preserved and that Biden’s big tax hike may not be materialized.  

With the election outcome in mind, we have compiled  and uploaded to our website “2020-2021 Tax Information Guide,” which includes the following:

1)      major tax changes,

2)      tax planning tips, and

3)      2020/2021 COLA schedule.

We are thankful that we moved out of San Francisco downtown high-rise building before the pandemic and can work at the roomy and airy 342 Delano Ave office during the pandemic. We started working at home since March and minimized social contact with you. It may cause some inconvenience, but it is the most effective way to keep you and our associates safe and healthy. If you have any questions or concerns for your year-end and 2021 tax planning, please contact our office to set up a phone, Facetime, Line, WeChat, Zoom, or WebEx meetings. We do not recommend in-person meeting, but if you still need one, Covid-19 screening, face mask, and 6 feet social distancing rules are required.

In preparation for the new tax year, we are updating our email databases. If you have changed your e-mail address, please call our new numbers at (415) 347-7666 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to let us know. This will help us send you a new encrypted tax organizer. If you would like to receive a paper copy of the tax organizer, please call or e-mail us to arrange the delivery.

If you have any questions regarding these materials and the year-end tax planning, you are welcome to call us or make an appointment.

 

Have a safe and Happy Thanksgiving!

May Ho, CPA, and Associates

 2020 Thanksgiving Letter - traditional Chinese

2020 Thanksgiving Letter - simplified Chinese

2020-2021 Tax Information Guide

2020-2021 Cost Of Living Adjustment