Burbank CPA Tax Musings: Tax-saving tips up in air as Congress mulls changes

As usual, there will be some delays on the final 2014 tax rules, which may not be passed until either the end of this year or after New Years 2015.  There are the tax extender bills to be extended (or lost) like bonus depreciation, the teacher $250 supply deduction and the direct IRA charitable deduction for those 70 1/2 without having to pick it up as taxable income.  This will probably result in a delay to the start of tax season again (what else is new?)  So it will take longer to file an process returns.  See this article in USAToday by Russ Wiles in The Arizona Republic for more information plus a list of year end tax saving ideas:

http://www.usatoday.com/story/money/personalfinance/2014/11/17/tax-saving-tips/19158765/

What this will all mean is delay again, but things may go smoother next year as a Republican Majority may get things done sooner (or may take longer since one of their goals is comprehensive tax reform, which may be a whole new battle.)

Dollar Mag GlassMagnifying glass and tax breaks For financial,  accounting and tax musings,

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