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Year- End Tax Planning for Individuals

Written on October 17, 2013 at 1:24 am, by

At the bottom of this post is a checklist of year-end tax planning ideas you should consider.  Year-end tax planning could be extra important this year because timely action could secure several tax breaks that may not be available next year.  These expiring tax breaks include among other things: (a) the option to deduct state and local sales and use taxes instead of state and local income taxes; (b) the above-the-line deduction for qualified higher education expenses; and (c) tax-free distributions from IRAs for charitable purposes by those age 70 and ½ or older. more

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