Common Tax-Planning Questions

Here are the top questions we often ask our clients. Consider your answers and contact us to find out if there are specific tax moves you should make before year-end. Read our year-end tax planning series: Smart Tax Saving Moves For 2015, Retirement Plan Strategies for 2015 and Tax Moves for Business Owners in 2015.

1. Should you sell some losing investment positions to offset capital gains (tax loss selling) before year-end?
2. Do you have a wash sale loss problem and can you fix all or part of it for 2015?
3. Have you done whatever you can to use up capital loss carryovers?
4. Have you maximized long-term capital gains rate benefits?
5. Should you form a trading business entity to unlock employee-benefit plan deductions including health insurance premiums and a retirement plan?
6. When is it too late to form an entity in 2015 and consider one instead for Jan. 1, 2016?
7. How can you maximize employee-benefit plan deductions by year-end?
8. If you have high income, is a defined benefit plan better than a defined contribution plan?
9. Will you get good bang for the tax buck on purchasing new equipment before year-end?
10. Do you qualify for trader tax status (business expense) in 2015 or will you qualify in 2016?
11. Should you elect Section 475 MTM in your new entity within 75 days of inception?
12. Is Section 988 ordinary treatment or Section 1256(g) capital gains treatment better for your forex trading through year-end?
13. Is a Roth IRA conversion a good idea for you before year-end?
14. Is an NOL carry back or carry forward better or should you soak up the NOL with a Roth IRA conversion in the current year?
15. What tax brackets are in you in for 2015 and should you defer or accelerate income at year-end?
16. Do you face an underestimated tax payment penalty and what can you do to avoid it?
17. Are you avoiding tax hikes on upper-income taxpayers including Obamacare Net Investment Tax as best you can?