Year-end tax planning is especially challenging this year because there were multiple tax provisions which expired at the end of 2013, which may possibly be retroactively reinstated and extended through 2014 through the Tax Increase Prevention Act of 2014. As of December 15th, 2014, however, this bill has only been passed by the House of Representatives. Congress may not decide the fate of this bill, and the tax breaks it would extend, until the very end of this year (and, possibly, not until next year). Read more.
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