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5 Tax Moves Before the End of the 2014 Tax Year

Posted on: December 16th, 2014
tax planningTrustCounsels’ estate planning and tax attorneys provide a few guidelines below that may help tailor taxpayers’ year-end planning moves to their benefit. Several federal and state-level tax laws changed this year and others will change in the New Year. Here are a few items to address with your tax attorney:
  1. Retirement contributions. New limitations on retirement plan contributions will go into effect in 2015. Take advantage of the higher contribution caps for the 2014 tax year and review the new retirement contributions limits here.
  2. Amend returns for married LGBT couples. Since 2013 the federal government has recognized marriages of same-sex couples for federal tax purposes, however, state-level jurisdictions differ. One of the states our estate planning attorneys serve, North Carolina, lifted the ban on same-sex marriages in 2014. It might be to the benefit of married LGBT couples in North Carolina (and other states that recently started recognizing these marriages for tax purposes) to file amended income tax returns.
  3. Minimize NIIT. The Net Investment Income Tax is a 3.8% surtax that went into effect in 2013 on certain investment income. Our tax attorneys review a few options that help reduce the surtax burden, such as gifting, timing a marital status change, and avoiding IRA conversions.
  4. Tax-free rollovers. The Internal Revenue Service announced that as of January 1, 2015, taxpayers will only be permitted one tax-free IRA rollover per year. This means 2014 is the last year IRA owners can take advantage of multiple rollovers with no tax burden.
  5. Gun trust creation or updates. If you own firearms you should address these items in your estate plan. A smart estate planning tool for gun owners is a gun trust. Our attorneys use a sophisticated planning system called GunDocx™ that is specifically designed for firearms. The federal government has been delaying changes to gun trust administration for over a year, but the amendments are expected to be announced in May 2015. The amendments might cause significant delays and added costs for firearms owners, which makes time of the essence for a less complicated gun trust process.
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