As of August 2015, with the end of the year and the income tax filing deadline on the horizon, tax planning presents more of a challenge than usual.
So far, Congress has passed minimal tax legislation. However, the Senate Finance Committee at the end of July 2015 approved a two-year extension of the tax provisions that expired on December 31, 2014. Early passage of an extension is hoped for but not assumed because the House of Representatives is pursuing an agenda that would make the provisions permanent.
Another issue that arose in 2015 is the vote by the House to repeal the estate tax. But the bill is languishing in congressional nether land as the Senate has shown little inclination to consider it.
An additional tax concern as the 2015 tax season and the year 2016 approach relates to the health insurance requirement. You should be aware that the penalty for failure to maintain qualifying health insurance shot up this year.
As in most years, tax law changes – or possible changes – make it worthwhile for you to stay informed so you can minimize taxes or at least avoid missteps that could complicate your life.
As always, please contact Gray, Gray & Gray with any tax planning questions.