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Year End Tax Planning Moves for Businesses
As the end of the year approaches, many are looking for ways to reduce their business profits before year’s end. Here are some possible moves that might apply to your situation.
- Obamacare Adds New Levels of Complexity to Tax Returns
- Obamacare – or, more officially, the Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not being insured, is going to affect just about every taxpayer in one way or another.
- Last-Minute Congressional Action May Require Some Year-End Tax Moves
- Recent legislation passed just before adjournment by Congress provides some last-minute opportunities for taxpayers. These include tax provisions that had expired in 2013 but because of this bill have been extended through 2014. However, to take advantage of these extended laws you must qualify for them based on actions taken earlier in the year or you will need to take action before the end of the year, which does not give you a lot of time. The following are five extender provisions for which there is enough time to take last-minute action that could produce substantial tax benefits for 2014.