2015 Year-End Tax Planning
As 2015 draws to a close, you may be giving consideration to possible year-end tax planning strategies. Taxpayers and their advisers engaged in year-end tax planning are challenged by the uncertainty of possible year-end tax legislation.
In previous years, a number of expiring provisions were extended for one or two years. However, this year, Congress has yet to act on a host of important provisions that expired at the end of 2014. 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 or when that will take place. Thus, constant monitoring to your year-end planning may be necessary until this situation stabilizes.
We have compiled a letter highlighting some of the year-end planning opportunities and challenges for individuals and businesses regarding federal taxes. Our accountants understand that year-end tax planning is a complex and, at times, overwhelming task but which is also a necessity.
BMSS can help you navigate through the uncertainties of possible legislation and plan a year-end tax strategy that incorporates traditional and newer strategies to possibly help minimize your federal tax liability. Please call your BMSS trusted advisor for assistance with your year-end tax planning.
Barfield, Murphy, Shank & Smith, LLC