Five Tax Items to Be Ready For This Year

Although the most recent tax season is over one can never truly put his or her tax-planning hat completely away for the year. With tax laws and regulations always in flux, you have to make sure that you’re prepared for the upcoming tax season. It will be here before you know it. Although there shouldn’t be any major surprises for 2014, there are some things to keep in mind in order to make sure you get the most out of your return. Let’s take a closer look.

  • It appears that the federal government will wait longer than usual to renew any temporary tax provisions, which means it could take longer for you to plan for 2014.
  • Don’t miss out on the simplified home office deduction if you are self-employed and run your business out of your home.
  • Pay close attention to any ongoing IRS troubles or any new tax reform, which could have an effect on your 2014 taxes.
  • Make sure you know the latest regulations for tax preparers, as the IRS appears to be ready to regulate them a lot in 2014.
  • Take full advantage of the benefits of inflation tax adjustments.

There are a lot of things you can do to prepare for the 2014 tax year, including contacting the experienced tax professionals at GROCO. We can help you with all of your tax planning needs. Just come in and see us or give us a call at 1-877-CPA-2006.

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