Traditional Year End Tax Planning


Year-end 2013 presents unique challenges. Traditional year-end planning techniques nevertheless remain important both to maximize benefits in connection with what’s new and to do so within the usual ebb and flow of the taxpayer’s personal economy. The following traditional income and deduction acceleration techniques and their reciprocal deferral strategies should be considered:

Income Deferral/Acceleration:

  • ▪ Enter into/ Sell installment contracts
  • ▪ Defer/ Receive bonuses before January
  • ▪ Hold/ Sell appreciated assets
  • ▪ Hold/ Redeem U.S. Savings Bonds
  • ▪ Accumulate/ Declare special dividend
  • ▪ Postpone/ Complete Roth conversions
  • ▪ Delay/ Accelerate debt forgiveness income
  • ▪ Minimize/ Maximize retirement distributions
  • ▪ Delay/ Accelerate billable services
  • ▪ Structure/ Avoid mandatory like-kind exchange treatment

Deductions and Credits Acceleration/Deferral

  • ▪ Bunch itemized deductions into 2013 and take standard deduction into 2014/reverse steps
  • ▪ Pay bills in 2013/ Postpone payments until 2014
  • ▪ Pay last state estimated tax installment in 2013/ delay payment until 2014
  • ▪ Accelerate economic performance/ postpone performance
  • ▪ Watch AGI limitations on deductions/credits
  • ▪ Watch net investment interest restrictions
  • ▪ Match passive activity income and losses

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