NEW YORK — Thomson Reuters has released a new special report on year-end tax planning for 2013 for individuals and businesses.

The report highlights the unique opportunities and challenges that taxpayers and their advisers face as they engage in 2013 year-end planning, including the 0.9 percent payroll tax on wages and self-employment income and the complicated 3.8 percent surtax on net investment income, both new for 2013.

"Year-end tax planning could be especially productive this year because timely action can nail down a host of tax breaks that won't be around next year unless Congress acts to extend them, which looks doubtful," said Thomas Long, senior tax analyst at Thomson Reuters and an author of the report. "Businesses and individuals can potentially achieve significant tax savings by taking advantage of tax provisions that are scheduled to expire on Dec. 31."

The Thomson Reuters Checkpoint report is available for download at no cost at https://tax.thomsonreuters.com/2013TaxTips.

This special report includes:

• An overview of recent legislation impacting 2013 tax planning.
• How to make the most of enhanced expensing and depreciation.
• How to avoid reduction (or elimination) of the many tax breaks that phase out over higher levels of income.
• Tips for taking full advantage of the tax credits available.
• How to make the best tax use of losses.
• Checklists of planning moves for individuals and businesses.

The report is an example of the practical, insightful information available on Thomson Reuters Checkpoint, which provides research, news, analysis, and productivity tools to tax, audit, accounting, legal, trade, and finance professionals.

Thomson Reuters also offers guidance and training on 2013 year-end tax planning. The complete Tax Planning & Practice Guide "Tax Saving Moves for the Rest of 2013" is available on Checkpoint. It can be ordered through the eStore or through a sales account manager. For additional guidance, visit: Federal Tax Handbook, Tax Planning For Individuals Quickfinder Handbook, Tax Planning For Businesses Quickfinder Handbook, and Planner CS.  For training, visit: Individual Tax Planning for Your Client's Well Beingand 49 Ways to Reduce Taxes for Individuals and Make Them Clients for Life. A complete list of resources is available in the report.

Other recent Checkpoint reports include: 

• AICPA's New Private Company Financial Reporting Framework for Small- and Medium-Sized Entities
• An Overview of the Revised Proposed Accounting Model for Leases

Thomson Reuters

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