The first half of 2014 produced little in the way of major tax legislation, but tax planning opportunities still exist. Gelman, Rosenberg & Freedman’s mid-year tax planning letter provides information to help you develop effective planning strategies for your particular situation.
The current letter provides details about the following areas of taxation:
- Income tax planning
- Retirement plan funding
- Household energy efficiency
- Affordable Care Act compliance
- Good recordkeeping
- Employment changes
- Children employees
- Job skills development
- Home employment
- Dependent care
- Retirement plans
- Capital expenditure write-offs
- Vehicle depreciation
- Older asset repairs
- Passive activity monitoring
The letter also provides insights about estate planning and offshore account disclosures.
Tax planning is an ongoing process. Your tax picture can change—sometimes dramatically—during the course of a year, and you need to react accordingly. Implementing thoughtful midyear strategies now may help you lessen the taxes you face in 2015.
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