The 2015 edition of the R.D. Barnett Year-End Tax Planning Guide is very similar to the 2014 edition. “Why is that?” you may ask. Well, similar to last year, Congress continues to display its deeply divided partisanship by focusing more on politics and rhetoric than addressing meaningful tax legislation. Consequently, taxpayers and professionals are once again left in the difficult position of guessing if Congress will extend the numerous provisions that expired at the end of 2014.
We’ve learned over the last few years that Congress will, eventually, pass legislation to extend most of the expired tax provisions. It might happen in December just before year-end, or even in January after the year has ended, but it will occur…we think. Some specific provisions, like the sales tax deduction for individuals and the 50% bonus deprecation and increased limits for Section 179 deductions for businesses, have bipartisan support and are particularly attractive for Congress to extend. If and when tax legislation is passed, we will be sure to pass along the relevant information. We do know that client situations change from year to year. So what should you do about
Continue reading about planning for 2015 year end tax here: R.D. Barnett PLLC
Regardless of the fact that tax laws are not changing significantly this year, there continues to be opportunities to plan for future financial success. Decisions you make this year could have a direct impact on your long-term financial security, so it pays to plan and take action now to ensure your goals can be achieved.
Information for this blog post was provided by R.D. Barnett PLLC