2014 Year-End Tax Strategies Overview


November 20, 2014

Dear Client & Friends:

We are providing this information to help you with year-end tax planning. It has been organized into five sections.

  • Tax Planning Overview (see below)
  • What’s New for 2014
  • Year-end Tax Planning Checklist for Individuals
  • Year-end Tax Planning Checklist for Businesses
  • Checklist for Year-End Payroll & 1099 Reporting


It is important that you first read this overview which sets forth the underlying assumptions and concepts.

1.  Year-end planning needs to be done on an individualized basis, taking account of the specific situation and planning goals of each taxpayer. The discussion and lists provided are not comprehensive and specific strategies affecting your particular tax situation may not have been included. We can identify and explore opportunities with you to help you cut your tax bill by preparing a personalized tax plan for you. Let us know if you would like us to help with your tax planning.

2.  This discussion of year-end tax planning is generally oriented to lowering 2014 taxable income often by deferring taxable income into next year (2015) and accelerating expenses into the current year (2014). However, where special circumstances exist, a taxpayer may wish to reverse this strategy by accelerating taxable income and deferring expenses to achieve the opposite effect.

3.  Congress is expected to make changes around the end of the year that will affect 2014 taxes. As discussed in the “What’s New for 2014” section, many of the tax provisions ended at the end of 2013. Unless Congress acts on this, many deductions and rate reductions that ended will result in higher income taxes for 2014.

4.  There may also be limitations or consequences to moving income and deductions between years. There are special considerations for each entity type (Individuals, Corporations, LLCs, etc.) and some strategies that may work for regular income tax purposes may be countered by unexpected alternative minimum tax (AMT) calculations.

5.  Long-term planning needs to be considered for your financial future. As you consider year-end tax planning, be sure to consider retirement, education and estate planning issues. Do you know if you are putting enough aside for retirement, your child’s college, or for your family should death or disability occur? Do you feel like your investment portfolio mix or management may need a change? We can help you assess these important needs… Please don’t wait until it is too late!

Quick Links to Specific 2014 Year End Tax Planning Strategies & Checklists:

Tax Planning & Strategies Overview       <– you are on this page.
What’s New for 2014
Year-End Tax Planning Checklist for Individuals
Year-End Tax Planning Checklist for Businesses
Checklist for Year-End Payroll & 1099 Reporting

We appreciate your business and look forward to serving you this next year!


Rick Howard, CMA, CPA
President & Owner

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Circular 230 Disclosure: This is to advise you that, unless expressly stated, nothing in this communication (including any attachment or other accompanying materials) was intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding any federal tax penalties, or for promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to anyone.

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