The Early Bird Catches the Fewest Number of Penalties and Surcharges
As 2014 winds to a close, are you dreading the coming tax season? After the champagne is poured on New Year’s Eve, many folks return to their daily grind, shuffling to gather their documents and make their way to their accountant’s office for another grueling tax preparation meeting. Unfortunately, they will find that the post-New Year’s meeting is in vain if they are trying to save on their taxes. Due to the phasing in and phasing out of many tax laws, surcharges and new penalties from to the Affordable Care Act, and changes in capital gains and loss statutes, it is in the best interests of individuals and families in higher tax brackets to review and take action on their taxes prior to the year’s end. Running 2014 tax numbers before the end of the year can also pay off for those who have experienced a major life event-such as a birth, death, marriage, divorce, sale of a home, or a job change.