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2015 Year-End Tax Planning: Individual & Business

December is here, and yet another year is coming to a close! Taxpayers are asking “What are my options for mitigating taxes for the current year”? It’s time to take a look back at what happened this year, consider what options you have to lower your taxes and begin preparing for tax filing season.

Tax planning was a bit easier when tax legislation was enacted before or in the early part of a given year. This year, like the past few years, Congress has yet to pass legislation to extend many of the tax provisions that expired at the end of 2014. We have been monitoring actions on Capitol Hill closely. While we can’t guarantee that the expired tax provisions will be extended, we expect that many of them will be enacted retroactively for 2015 and through 2016.

This article summarizes a number of key provisions and common techniques to reduce taxes as well as prepare to have your taxes filed. We have separated individual and business tax matters, though there are some areas of overlap, particularly for business owners of S corporations and LLCs. For all taxpayers, the age-old practices of deferring revenue and accelerating expenses will continue to work to reduce…