Certified Public Accountants

Miscellaneous Taxing Savings Opportunities  for 2020 and 2021


  1. If you are eligible for the earned income credit and/or the child tax credit, you may choose to use your 2019 income in figuring your 2020 credits.  This election may be beneficial if your income from 2019 creates a larger credit amount.
  2. Receiving a disaster loss (e.g. Covid-19) distribution from a qualified retirement plan or IRA.  You can spread the distribution ratably over three years to minimize the tax cost, and there's no 10% early distribution penalty.  What's more, you can repay the distribution within three years and recoup the taxes that were previously paid on the distribution.
  3. If you cannot pay your mortgage and the lender forgives it in 2021, you aren't taxed on this cancellation of debt.  This break was supposed to expire at the end of 2020, but it has been extended for five years.  This exclusion is now capped at $750,000 instead of $2 million.



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PLW CPA provides a full range of tax services for individuals and businesses.  We guide you through the whole process from planning to tax return preparation and filing. Our expertise, experience, analysis and thorough research allow us to optimize tax saving opportunities. We provide tax services for individuals, sole proprietorships, limited liability companies, partnerships, corporations, not for profits, estates and trusts.

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PLW CPA PLLC

Bob Wexler, CPA 
Patty Wexler, CPA

Stephanie Ventimiglia, CPA
Judi Rosso, CPA
Lesley Hoin
Karen Lawnicki
Candy Wilson

43184 Dequindre Rd. Ste. 203
Sterling Heights, MI 48314
Phone: 586-726-3141
Fax: 586-726-8599

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PLW CPA PLLC

Phone: 586-726-3141