As we wind down the 2015 tax year, year-end tax planning will be especially challenging. Congress has yet to act on a host of tax breaks that expired at the end of 2014. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year or possibly not until next year.
Yeo & Yeo’s Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. Yeo & Yeo’s tax professionals can help narrow down the specific actions that you can take and tailor a tax plan for your current situation and future changes.
Year-end tax planning should be a part of everyone’s financial routine. Usually there are many tax planning decisions you can make at year-end to drastically improve your tax situation when April 15 comes around. A thorough review of your tax picture before year-end can let you know where you stand and suggest potential tax-saving opportunities. Make sure you are doing all you can to minimize your taxes by taking action soon.
For more extensive tax information, visit Yeo & Yeo’s Tax Guide Online.