10 Year-End Tax Tips | FinancialPlanning
More than 50 popular tax provisions expired at the end of 2013. Without legislative action, businesses won't get a credit for research activities or be able to immediately deduct one-half of the cost of new business equipment. Individuals would lose benefits like the ability to deduct tuition and state and local sales taxes. Grant Thornton's Year-end Tax Guide for 2014discusses these and other issues that taxpayers and taxpaying entities should be thinking about now. -- Accounting Today
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1. Accelerate Deductions and Defer Income
Deferring tax is a cornerstone of tax planning. Generally, this means accelerating deductions into the current year and deferring income into next year. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you may be able to accelerate state and local income taxes, interest payments and real estate taxes.