For most taxpayers,usually means accelerating deductions into the current year while postponing taxable income to the next year. And then you do the same thing the following year.
Alert: This conventional strategy may still work for you, but it’s not so cut-and-dried in 2013. Due mainly to ATRA, you may be inclined to do the exact opposite, especially if you expect to be in a higher tax bracket next year than this year.
For starters, there are several changes taking effect in 2013 that could affect year-end tax planning for individuals (see box below). Therefore, you should assess where you are this year and where you figure you’ll be next year. Keeping that in mind, here’s a list of 10 top year-end tax strategies for individuals.
1. Harvest capital gains or losses. Traditionally, investors look to realize capital losses from securities sales at the end of the year. The losses can offset capital gains ...(register to read more)