Thomson Reuters latest special report provides 2015 year-end tax planning guidance for individuals and businesses.
The report offers tax planning tips that highlight the opportunities and challenges faced by taxpayers in today’s uncertain legislative environment. It describes a number of moves to make by year-end to achieve maximum overall tax savings for 2015 and later tax years. It also explains how to set some basic planning goals and how to adjust income and expenses accordingly.
“Year-end tax planning is especially challenging this year because Congress has yet to act on a host of important provisions that expired at the end of 2014,” said Thomas Long, senior tax analyst at Thomson Reuters and one of the authors of the report. “Some or all of these expired provisions may be retroactively reinstated, thereby opening up some truly last minute year-end tax planning opportunities, but there’s no way of knowing if that will take place.”
Higher-income earners have unique concerns to address when mapping out year-end plans. They must be wary of the 3.8% net investment income tax on unearned income and the additional 0.9% Medicare tax.
The report includes two checklists of actions that can cut taxes for taxpayers—one that describes actions individuals can take to save taxes and another for businesses and business owners.