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2015 Tax Planning Tips

2015 Tax Tips for You and Your Business

If you think your tax bill is set in stone at the end of the year, think again.  Though it’s true that money-saving options become much more limited after December 31,  there are still actions you can take now. Consider the following quick tips for individual and business returns.

Individual Returns

  • Begin the process early
  • Contribute to a tax-advantaged account to reduce taxable income
  • Discuss all possible deductions with your tax advisor
  • For same sex spouses, choose your federal filing status
  • Use your 2014 tax return to start planning your 2015 tax strategy
  • Review your retirement plan

Business Returns

  • Properly  classify your office equipment
  • Keep tabs on travel and entertaining expenses
  • Keep track of deductions
  • Review choice of entity
  • Prepare for new Affordable Care Act Requirements
  • Plan for succession

To read more please visit our website –  http://www.waradydavis.com/Library/taxflyer.pdf