Income Tax
2014 Tax Planning Report Highlights Opportunities and Challenges for Tax Professionals
Oct. 20, 2014
Thomson Reuters has released a new special report on year-end tax planning for 2014 for individuals and businesses.
The report highlights the unique opportunities and challenges faced by taxpayers in today’s uncertain legislative environment. It describes the moves to make by year-end to achieve maximum overall tax savings for 2014 and later tax years. It also explains how to set basic planning goals and how to adjust income and expenses accordingly, including how to minimize or eliminate the 3.8% surtax on net investment income.
“Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013,” said Thomas Long, senior tax analyst at Thomson Reuters and an author of the report. “Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide their fate until the very end of this year—and, possibly, not until next year.”
The Thomson Reuters Checkpoint report is available for download at no cost at tax.thomsonreuters.com/2014TaxTips.
The special report contains valuable tips, including:
- Making the most of expensing and depreciation (or using a de minimis safe harbor election to expense qualifying business assets).
- Keeping adjusted gross income (AGI) down to avoid reduction (or elimination) of the many tax breaks that phase out over higher levels of AGI.
- Making the best tax use of losses.
The complete Tax Planning & Practice Guide “Tax Saving Moves for the Rest of 2014” is now available on Checkpoint and is free for subscriptions including this feature. In addition, print copies can be ordered online or through a sales account manager.