By Jason Bramwell
A free special report highlighting valuable information that individuals and businesses can use for their 2013 year-end tax planning has been released by Thomson Reuters Checkpoint.
The eight-page special report, Year-End Tax Planning for 2013, presents the unique opportunities and challenges that taxpayers and their advisors face as they prepare for year-end planning, including the imposition of two new taxes on higher-income individuals – a 0.9 percent payroll tax on wages and self-employment income, and a complicated 3.8 percent surtax on net investment income.
The report also includes information on the following topics:
- An overview of recent legislation impacting 2013 tax planning.
- How to make the most of enhanced expensing and depreciation.
- How to avoid reduction (or elimination) of the many tax breaks that phase out over higher levels of income.
- Tips for taking full advantage of the tax credits available.
- How to make the best tax use of losses.
- Checklists of planning moves for individuals and businesses.
"Year-end tax planning could be especially productive this year because timely action can nail down a host of tax breaks that won't be around next year unless Congress acts to extend them, which looks doubtful", Thomas Long, a senior tax analyst at Thomson Reuters and the author of the report, said in a written statement. "Businesses and individuals can potentially achieve significant tax savings by taking advantage of tax provisions that are scheduled to expire on December 31."