Important End of Year Tax Planning Information

Dec 01, 2013 - Jan 01, 2014

2013 Year-End Tax Planning

Tax planning is always a good idea, but in 2013, tax planning is vital. Due to the passing of the American Taxpayer Relief Act (ATRA) at the beginning of 2013, there are many new changes on the horizon.

Included in these changes were many significant tax incentives (known as tax extenders) that will be expiring at the end of 2013. These tax incentives may be extended again when Congress takes up tax reform at the end of 2013. However, with the uncertainty of Washington politics, we have no guarantee that these incentives will extend beyond their sunset date of January 1, 2014.

Businesses and individuals should also be aware of those tax rules that are new-for-2013. In particular, increased tax rates on higher-income individuals effective for 2013, will impact both business and individual tax planning. Also important for 2013, are the recently passed final “repair” regulations; these regulations provide many tax strategies that should be addressed before the end of 2013.

Whether they are sunsetting in 2013 or new for 2013, these changes provide many opportunities to strategize and plan for your tax liability in 2013.

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