SKR+Co Alert: Year end tax planning, tax seminar, and more!

Expiring tax breaks for businesses may merit action now

Although tax legislation signed into law this past January made a wide variety of tax breaks permanent, it extended several valuable breaks for businesses only through Dec. 31, 2013. It’s possible that some, or even all, of them could be extended again. But with the battle in Washington over tax reform, it’s difficult to predict what will happen with expiring breaks.

So taxpayers may want to take steps now to lock in any breaks that can benefit their businesses while these breaks are still available. But they shouldn’t ignore traditional year-end strategies for their businesses — or themselves.

This article provides an overview of depreciation-related tax breaks and various business credits set to expire this year, as well as tried-and-true strategies for businesses and some key planning concerns for individuals. 

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Are you complying with the new .9% additional Medicare tax?

As 2013 comes to an close, employers, employees and self-employed individuals should make sure they are complying with the new 0.9 percent additional Medicare tax. The law was effective at the beginning of this year, but the full weight of it is not fully felt until an employee's wages reach a threshold level. Now that we are in the fourth quarter of the year, employees who didn't meet the threshold earlier in 2013 may meet it now.

This article explains the withholding and what steps you may need to take.

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New cost of living adjustments for 2014 recently released

On Oct. 31, the IRS released most cost-of-living adjustments for 2014. With inflation remaining relatively low, there are many amounts that will stay the same as they were for 2013, and those that do change increase only modestly. Nevertheless, as you consider 2013 year end tax planning strategies, it’s helpful to know what these amounts will be for 2014 so you can take them into account in your planning.

This article provides an overview of important 2014 amounts related to individual income taxes, alternative minimum tax, education- and child-related tax breaks, retirement plans, and gift and estate taxes.   

Read the Full Article Here.