At the beginning of 2013, many tax rates and breaks were made permanent. The increased uncertainty brought by these tax law changes has in some ways made tax planning in 2014 a little easier, but with these changes also came tax hikes to many higher-income taxpayers. Read more below, and download our 2014 Tax Planning Guide to get started.

Tax Increases for High-Income Taxpayers

Increases include the return of the 39.6 percent income tax rate and 20 percent long-term capital gains rate. In addition, some new and expanded taxes under the Affordable Care Act, or ACA, now affect higher-income taxpayers. Not only did the ACA impact individuals, but it also has a tax impact on many businesses, and last year’s tax law changes only temporarily extended many valuable tax breaks for businesses.

2014 Tax Rate Chart

Tax Planning as Essential as Ever

It’s also important to remember that where tax law provisions are concerned, “permanent” simply means these provisions don’t have expiration dates. With tax reform still on its agenda, Congress may make some major changes in the future. So in your 2014 planning, don’t count on the tax regime remaining the same indefinitely.

What does this all mean? Tax planning in 2014 is as essential as ever.

2014-2015 Tax Planning Guide

Download our Tax Planning Guide to help you understand recent tax-related legislation and identify year-round strategies to make tax laws related to the following work for you:

  •  Home- and health care-related breaks
  • Capital gains tax
  • Depreciation expensing
  • Business-related issues such as R&D tax credit, your business structure and employee benefit breaks
  • And much more

To find out more about different tax savings strategies, contact Doeren Mayhew’s tax accounting specialists in Michigan, Houston or Ft. Lauderdale.