New York – Thomson Reuters has released a new special report on year-end tax planning for 2014 for individuals and businesses.

The report highlights the unique opportunities and challenges faced by taxpayers in today's uncertain legislative environment. It describes the moves to make by year-end to achieve maximum overall tax savings for 2014 and later tax years. It also explains how to set basic planning goals and how to adjust income and expenses accordingly, including how to minimize or eliminate the 3.8% surtax on net investment income.

"Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013," said Thomas Long, senior tax analyst at Thomson Reuters and an author of the report. "Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide their fate until the very end of this year—and, possibly, not until next year."

The Thomson Reuters Checkpoint report is available for download at no cost at tax.thomsonreuters.com/2014TaxTips.

The special report contains valuable tips, including:

• Making the most of expensing and depreciation (or using a de minimis safe harbor election to expense qualifying business assets).
• Keeping adjusted gross income (AGI) down to avoid reduction (or elimination) of the many tax breaks that phase out over higher levels of AGI.
• Making the best tax use of losses.

The complete Tax Planning & Practice Guide "Tax Saving Moves for the Rest of 2014" is now available on Checkpoint and is free for subscriptions including this feature. In addition, print copies can be ordered online or through a sales account manager.

Thomson Reuters offers guidance for 2014 year-end tax planning. For additional guidance, visit Federal Tax Handbook, Federal Estate and Gift Tax Handbook, Tax Desk, Federal Tax Coordinator, PPC's Individual Tax Planning Library, PPC's Business Tax Planning Library, Federal Depreciation Handbook, and Planner CS. Thomson Reuters also offers Checkpoint Learning courses that cover various topics impacting year-end tax planning.

This report is an example of the helpful, practical information available on Thomson Reuters Checkpoint. Thomson Reuters Checkpoint is the industry leader for online information for tax and accounting professionals.

Thomson Reuters Checkpoint delivers research, editorial insight, productivity tools, online learning, and news updates along with intelligent linking to related content and software. It is used by thousands of tax and accounting professionals including 97 of the Top 100 U.S. law firms, 96 of the Fortune 100 companies, and 99 of the top 100 U.S. CPA firms.

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