{"id":1750,"date":"2015-12-01T18:03:40","date_gmt":"2015-12-02T00:03:40","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=1750"},"modified":"2016-07-05T17:58:29","modified_gmt":"2016-07-05T22:58:29","slug":"tax-planning-moves-to-make-before-year-end","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/","title":{"rendered":"Tax Planning Moves to Make Before Year-End"},"content":{"rendered":"<p><span style=\"font-weight:400;\">A recent National Federation of Independent Business (NFIB) survey reports that five out of the top 10 small business concerns relate to state and federal tax issues. Tax planning will continue to be difficult because lawmakers may or may not extend over 50 expired tax provisions by Dec. 31.<\/span><\/p>\n<p><span style=\"font-weight:400;\">If Congress does not act before this deadline and extend certain provisions, students and parents will no longer be able to deduct above-the-line tuition expenses. For clients in Washington, Texas, Florida and other states without an income tax, they will lose the ability to deduct state sales taxes. Businesses will not get a credit for research activities. Also, businesses will not be able to deduct as much for new equipment and immediately deduct one-half of the cost of new business equipment.<\/span><\/p>\n<p><span style=\"font-weight:400;\">Regardless if extenders are again extended for the 2015 tax year, here are a few tax planning tactics to provide your clients, which may require action before year-end:<\/span><\/p>\n<ul>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Consider which of your small business clients are pass-through entities (partnership, LLCs or S corporations), and remind them that their business income is reported on their 1040. The individual federal income tax rates are scheduled to be the same for 2016 as they are for 2015. Therefore, clients could save taxes by deferring revenue into 2016, while accelerating deductible expenses into 2015. If a client expects to be in a higher tax bracket in 2016, advise using the opposite approach, accelerating income into 2015 and deferring deductible expenses to 2016.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">If feasible, certain clients may defer bonuses, consulting income or self-employment income. On the deduction side, clients may accelerate state and local income taxes, interest payments, and real estate taxes. Clients can accelerate or defer capital gains or losses based on the selling date, keeping in mind that capital losses are limited to $3,000 a year that\u2019s applied against other income.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Since itemized deductions can only be deducted if they exceed a certain percentage of adjusted gross income (AGI), accumulating itemized deductions into one year may help clients exceed their respective AGI levels. In order to exceed the 2 percent AGI level for miscellaneous expenses, and the 10 percent of AGI needed for medical expenses (7.5 percent for taxpayers age 65 and older), have clients incur professional fees, such as legal advice and tax planning, and schedule non-urgent medical procedures in a single year. They may exceed the AGI levels to obtain an itemized deduction this year and take the standard deduction the following year.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">My personal favorite tactic for business owners who withhold taxes is to avoid the estimated tax payments underpayment penalty by increasing their own withholding amount before year-end. Unlike estimated tax payments, withholding is considered to have been paid throughout the year. Many small business clients don\u2019t know how much profit they will make until year-end. The key is to make sure they have a reasonable idea before Jan. 1.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Small business clients using the cash method of accounting for tax purposes have the flexibility to minimize taxes over a two-year period. Cash-basis clients can deduct expenses in the year checks are mailed. They may not be cashed or deposited until next year, but the client obtains the deduction for 2015. If clients make equipment purchases to utilize Section 179 write-off election, they must implement the equipment before year-end. Make sure clients use their in-house postage meter to prove the checks were mailed in 2015, or consider certified mail at the post office. Another method of accelerating deductions, recommended by tax attorney Ronald J. Cappuccio, is to prepay the first three months of next year&#8217;s office rent or prepay the premium for property insurance coverage for the first half of next year.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">Accrual-basis taxpayers can defer revenue until next year, if they defer preparing invoices to next year for work completed in late December until 2016. If clients expect to pay higher taxes in 2016, reverse these strategies and suggest they invoice services by Dec. 31, and delay sending checks to vendors until after Jan. 1.<\/span><\/li>\n<li style=\"font-weight:400;\"><span style=\"font-weight:400;\">If a client had a particularly bad year, don\u2019t forget to recommend how to use a 2015 net operating loss (NOL). Clients can carry a 2015 NOL back for up to two years, in order to recover taxes paid in earlier years or carry the NOL forward for up to 20 years. No one has a crystal ball, but if your client thinks his business will improve in the coming years, the NOL deduction could save more taxes in the future.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight:400;\">If Congress does allow some or all of the 52 tax extenders, pray they take action before year-end.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent National Federation of Independent Business (NFIB) survey reports that five out of the top 10 small business concerns relate to state and federal tax issues. Tax planning will continue to be difficult because lawmakers may or may not extend over 50 expired tax provisions by Dec. 31. If Congress does not act before<\/p>\n","protected":false},"author":107201845,"featured_media":1752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[509474089],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474198],"class_list":["post-1750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit\" \/>\n<meta property=\"og:description\" content=\"A recent National Federation of Independent Business (NFIB) survey reports that five out of the top 10 small business concerns relate to state and federal tax issues. Tax planning will continue to be difficult because lawmakers may or may not extend over 50 expired tax provisions by Dec. 31. If Congress does not act before\" \/>\n<meta property=\"og:url\" content=\"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/\" \/>\n<meta property=\"og:site_name\" content=\"Tax Pro Center | Intuit\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/IntuitAccountants\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-02T00:03:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-07-05T22:58:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"395\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"T. Steel Rose, CPA, CPA Magazine\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@IntuitAccts\" \/>\n<meta name=\"twitter:site\" content=\"@IntuitAccts\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"T. Steel Rose, CPA, CPA Magazine\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/\"},\"author\":{\"name\":\"T. Steel Rose, CPA, CPA Magazine\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#\\\/schema\\\/person\\\/8de048a10aeb1a412a0f2454f2d7281f\"},\"headline\":\"Tax Planning Moves to Make Before Year-End\",\"datePublished\":\"2015-12-02T00:03:40+00:00\",\"dateModified\":\"2016-07-05T22:58:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/\"},\"wordCount\":750,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2016\\\/06\\\/1040_2-e1508455466982.jpg\",\"articleSection\":[\"Tax Law and News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/\",\"url\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/\",\"name\":\"Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2016\\\/06\\\/1040_2-e1508455466982.jpg\",\"datePublished\":\"2015-12-02T00:03:40+00:00\",\"dateModified\":\"2016-07-05T22:58:29+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#primaryimage\",\"url\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2016\\\/06\\\/1040_2-e1508455466982.jpg\",\"contentUrl\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2016\\\/06\\\/1040_2-e1508455466982.jpg\",\"width\":700,\"height\":395,\"caption\":\"taxpayer data\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/tax-law-and-news\\\/tax-planning-moves-to-make-before-year-end\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tax Planning Moves to Make Before Year-End\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#website\",\"url\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/\",\"name\":\"Tax Pro Center | Intuit\",\"description\":\"Tax Pro Center\",\"publisher\":{\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#organization\",\"name\":\"Tax Pro Center | Intuit\",\"url\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Tax_Pro_Center_Logo_Final_large.webp\",\"contentUrl\":\"https:\\\/\\\/taxprocenter.proconnect.intuit.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/Tax_Pro_Center_Logo_Final_large.webp\",\"width\":872,\"height\":160,\"caption\":\"Tax Pro Center | Intuit\"},\"image\":{\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/IntuitAccountants\",\"https:\\\/\\\/x.com\\\/IntuitAccts\",\"https:\\\/\\\/www.instagram.com\\\/intuitaccountants\\\/?hl=en\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/intuit-accountants\\\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/#\\\/schema\\\/person\\\/8de048a10aeb1a412a0f2454f2d7281f\",\"name\":\"T. Steel Rose, CPA, CPA Magazine\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g\",\"caption\":\"T. Steel Rose, CPA, CPA Magazine\"},\"description\":\"T. Steel Rose, CPA, is editor of CPA Magazine.\",\"url\":\"https:\\\/\\\/accountants.intuit.com\\\/taxprocenter\\\/author\\\/taxpro58\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/","og_locale":"en_US","og_type":"article","og_title":"Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit","og_description":"A recent National Federation of Independent Business (NFIB) survey reports that five out of the top 10 small business concerns relate to state and federal tax issues. Tax planning will continue to be difficult because lawmakers may or may not extend over 50 expired tax provisions by Dec. 31. If Congress does not act before","og_url":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/","og_site_name":"Tax Pro Center | Intuit","article_publisher":"https:\/\/www.facebook.com\/IntuitAccountants","article_published_time":"2015-12-02T00:03:40+00:00","article_modified_time":"2016-07-05T22:58:29+00:00","og_image":[{"width":700,"height":395,"url":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","type":"image\/jpeg"}],"author":"T. Steel Rose, CPA, CPA Magazine","twitter_card":"summary_large_image","twitter_creator":"@IntuitAccts","twitter_site":"@IntuitAccts","twitter_misc":{"Written by":"T. Steel Rose, CPA, CPA Magazine","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#article","isPartOf":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/"},"author":{"name":"T. Steel Rose, CPA, CPA Magazine","@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#\/schema\/person\/8de048a10aeb1a412a0f2454f2d7281f"},"headline":"Tax Planning Moves to Make Before Year-End","datePublished":"2015-12-02T00:03:40+00:00","dateModified":"2016-07-05T22:58:29+00:00","mainEntityOfPage":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/"},"wordCount":750,"commentCount":0,"publisher":{"@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#organization"},"image":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#primaryimage"},"thumbnailUrl":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","articleSection":["Tax Law and News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/","url":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/","name":"Tax Planning Moves to Make Before Year-End - Tax Pro Center | Intuit","isPartOf":{"@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#website"},"primaryImageOfPage":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#primaryimage"},"image":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#primaryimage"},"thumbnailUrl":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","datePublished":"2015-12-02T00:03:40+00:00","dateModified":"2016-07-05T22:58:29+00:00","breadcrumb":{"@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#primaryimage","url":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","contentUrl":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","width":700,"height":395,"caption":"taxpayer data"},{"@type":"BreadcrumbList","@id":"https:\/\/taxprocenter.proconnect.intuit.com\/tax-law-and-news\/tax-planning-moves-to-make-before-year-end\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/taxprocenter.proconnect.intuit.com\/"},{"@type":"ListItem","position":2,"name":"Tax Planning Moves to Make Before Year-End"}]},{"@type":"WebSite","@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#website","url":"https:\/\/accountants.intuit.com\/taxprocenter\/","name":"Tax Pro Center | Intuit","description":"Tax Pro Center","publisher":{"@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/accountants.intuit.com\/taxprocenter\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#organization","name":"Tax Pro Center | Intuit","url":"https:\/\/accountants.intuit.com\/taxprocenter\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#\/schema\/logo\/image\/","url":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2022\/10\/Tax_Pro_Center_Logo_Final_large.webp","contentUrl":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2022\/10\/Tax_Pro_Center_Logo_Final_large.webp","width":872,"height":160,"caption":"Tax Pro Center | Intuit"},"image":{"@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/IntuitAccountants","https:\/\/x.com\/IntuitAccts","https:\/\/www.instagram.com\/intuitaccountants\/?hl=en","https:\/\/www.linkedin.com\/company\/intuit-accountants\/"]},{"@type":"Person","@id":"https:\/\/accountants.intuit.com\/taxprocenter\/#\/schema\/person\/8de048a10aeb1a412a0f2454f2d7281f","name":"T. Steel Rose, CPA, CPA Magazine","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8493a5cc896813773273800587ea5204e9e35a25778bbba1b28b9bf4944515de?s=96&d=identicon&r=g","caption":"T. Steel Rose, CPA, CPA Magazine"},"description":"T. Steel Rose, CPA, is editor of CPA Magazine.","url":"https:\/\/accountants.intuit.com\/taxprocenter\/author\/taxpro58\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040_2-e1508455466982.jpg","jetpack_shortlink":"https:\/\/wp.me\/pazjGh-se","jetpack-related-posts":[{"id":1524,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/tax-extender-update\/","url_meta":{"origin":1750,"position":0},"title":"Tax Extender Update","author":"Mike D'Avolio, CPA, JD","date":"October 2, 2015","format":false,"excerpt":"Even though we are still enjoying those long summer days and warm, balmy nights, you may be able to find out how you can lower your clients\u2019 tax bills earlier this year. Every year or two, Congress votes to extend temporary tax breaks called tax extenders, but typically, the tax\u2026","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040-e1508455174996.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040-e1508455174996.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040-e1508455174996.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/06\/1040-e1508455174996.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":55006,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/educator-expense-deduction-offsets-costs\/","url_meta":{"origin":1750,"position":1},"title":"Educator Expense Deduction offsets classroom costs","author":"Intuit Accountants Team","date":"August 7, 2024","format":false,"excerpt":"If you have clients who are teachers, instructors, counselors, principals, or aides, help them make the most of the Educator Expenses Deduction.","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"Educator Expense Deduction offsets out-of-pocket costs","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/08\/Educator-Expense-Deduction-offsets-out-of-pocket-costs-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/08\/Educator-Expense-Deduction-offsets-out-of-pocket-costs-copy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/08\/Educator-Expense-Deduction-offsets-out-of-pocket-costs-copy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/08\/Educator-Expense-Deduction-offsets-out-of-pocket-costs-copy.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":7448,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/share-these-11-lesser-known-tax-deductions-with-your-clients\/","url_meta":{"origin":1750,"position":2},"title":"Share These 11 Lesser-Known Tax Deductions With Your Clients","author":"Mike D'Avolio, CPA, JD","date":"March 27, 2017","format":false,"excerpt":"There\u2019s no doubt you have your own stories on some of the outrageous tax deductions your clients have asked you about, but what about other deductions that are perfectly legitimate? Here\u2019s a list of some of the lesser-known deductions you can share with your clients: Business Travel (including exotic places)\u2026","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"financial planning","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/02\/tips-e1508453261598.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/02\/tips-e1508453261598.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/02\/tips-e1508453261598.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/02\/tips-e1508453261598.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2132,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/2014-filing-requirements-tangible-property-regulationschange-in-accounting-method\/","url_meta":{"origin":1750,"position":3},"title":"2014 Filing Requirements &#8211; Tangible Property Regulations\/Change in Accounting Method","author":"Mike D'Avolio, CPA, JD","date":"September 4, 2015","format":false,"excerpt":"Are you up to speed on filing requirements for tax year 2014 as they relate to tangible property regulations and the change in accounting method for Form 3115? Here is some vital information you need to know. Tangible Property Regulations The IRS has issued regulations covering the tax treatment of\u2026","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":2095,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/practice-management\/grow-your-tax-practice-by-helping-1099-clients\/","url_meta":{"origin":1750,"position":4},"title":"Grow Your Tax Practice by Helping 1099 Clients","author":"Mike D'Avolio, CPA, JD","date":"April 7, 2016","format":false,"excerpt":"With the exploding sharing\/collaborative\/on-demand economy (think Uber, Task Rabbit and Airbnb) and many new people getting 1099 forms, this is an area of increasing confusion for the newly self-employed \u2013 and an opportunity for you. In fact, a Freelancer\u2019s Union survey reports that one out of three workers is a\u2026","rel":"","context":"In &quot;Grow your practice&quot;","block_context":{"text":"Grow your practice","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/practice-management\/grow-your-practice\/"},"img":{"alt_text":"Working from home","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/01\/woman-working-from-home-e1535552220320.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/01\/woman-working-from-home-e1535552220320.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/01\/woman-working-from-home-e1535552220320.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":62093,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/one-big-beautiful-bill-summary-and-tax-changes\/","url_meta":{"origin":1750,"position":5},"title":"One Big Beautiful Bill summary and tax changes","author":"Lisa Greene-Lewis","date":"July 3, 2025","format":false,"excerpt":"Get a summary of the key provisions in the Big Beautiful Bill.","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"2024 Tax Relief Act update for tax pros","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/01\/2024-Tax-Relief-Act-update-for-tax-pros-copy.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/01\/2024-Tax-Relief-Act-update-for-tax-pros-copy.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/01\/2024-Tax-Relief-Act-update-for-tax-pros-copy.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2024\/01\/2024-Tax-Relief-Act-update-for-tax-pros-copy.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/1750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/users\/107201845"}],"replies":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/comments?post=1750"}],"version-history":[{"count":1,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/1750\/revisions"}],"predecessor-version":[{"id":1751,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/posts\/1750\/revisions\/1751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/media\/1752"}],"wp:attachment":[{"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/media?parent=1750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/categories?post=1750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/tags?post=1750"},{"taxonomy":"intuit_collection","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/intuit_collection?post=1750"},{"taxonomy":"intuit_series","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/intuit_series?post=1750"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/accountants.intuit.com\/taxprocenter\/wp-json\/wp\/v2\/coauthors?post=1750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}