What is tax planning? A lot of you might ask this questions, including what is the difference between tax planning and tax preparation. This blog post will summarize those differences and what is the benefit of tax planning.
Topics: Tax Planning
As 2014 draws to a close, we are still waiting for Congress to pass the popular tax benefits commonly referred to as “extenders.” Although this is less than ideal for planning purposes, the good news is that much of the current Tax Code remains unchanged for the 2014 tax year and beyond. Click here to read the planning guide 2014 Year-End Tax Planning Guide
2014-2015 Tax Guide Tax planning is as essential as ever - at the beginning of 2013, many tax rates and breaks were made permanent. The increased certainty brought by these tax law changes has in some ways made tax planning in 2014 a little easier.
ATRA brings some certainty
|Year-end tax planning amid legislative uncertainty|
As 2013 draws closer, news reports about "taxmageddon" and "taxpocalypse," describing expiration of the Bush-era tax cuts, are proliferating. Many taxpayers are asking what they can do to prepare. The answer is to prepare early. September may seem too early to be discussing year-end tax planning, but the uncertainty over the Bush-era tax cuts, incentives for businesses, and much more, requires proactive strategizing. Ultimately, the fate of these tax incentives will be resolved; until then, taxpayers need to be flexible in their year-end tax planning.