Year-End Tax Tips from EY

NEW YORK, Dec. 15, 2014 /PRNewswire/ -- The New Year is quickly approaching, so now is the best time for taxpayers to review their 2014 tax situation and conduct a few financial tasks. It may take just a short time to accomplish, but can ease the stress of tax filing leading up to tax day.

"There are many items for taxpayers to address before year-end," said Greg Rosica, contributing author to the EY Tax Guide 2015. "Smart tax planning now can save time and energy come April. It can even help you decide on your tax plan for 2015."

The top five year-end tips taxpayers should consider:

1) Estimate your 2014 tax projection: With 11 months of information, you can estimate the remainder of your 2014 taxes to see what you may still owe.

2) Review your contributions: Assess your 401(k) or IRA contributions to make sure you are maximizing your savings, trying at least to meet the amount your employer will match.

3) Prepare for the future: After making your 2014 tax projection, evaluate your income for 2015 and beyond to look for ways to defer income or accelerate deductions between years.

4) Donate to charity: Charitable contributions are an effective last-minute tax deduction, so consider giving appreciated stocks that you've held long term to get the full value of a deduction.

5) Monitor Congressional action: In past years, Congress retroactively extended provisions under the American Tax Payer Relief Act. If that should occur again this year, revisit your 2014 tax situation to see how the change may have impacted you.

The EY Tax Guide 2015 contains information on these tips and more that taxpayers should focus on before ringing in the New Year. Visit www.ey.com/EYTaxGuide for more tips, suggestions and email alerts for information on up-to-the-minute tax law changes as they happen.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.

Photo - http://photos.prnewswire.com/prnh/20141212/164254
Logo - http://photos.prnewswire.com/prnh/20130701/NY40565LOGO-b

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/year-end-tax-tips-from-ey-300009361.html

SOURCE EY

Related Links

http://www.ey.com