As the year comes to an end, this would be the best time to plan for your annual tax bill. Many wait to complete their tax planning in April, right before they foot the bill but by then it is too late. We all know this is not the best planning strategy, but then again neither is waiting for tax reform.
As October 15 (the last day to file 2013 personal income tax returns) has come and gone, it's a good time to make final adjustments and plans for 2014 taxes before December 31 arrives. Tax planning is a process which enables the most effective use of current laws, considering potential future legislation, and life changes.
Some of the life changes which effect taxes include:
Although legislative changes are much less predictable, there are certain strategies we can still prepare for. Some planning strategies might include:
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