Ernst & Young has published the latest edition of its annual tax guide ahead of the New Year.

Now in its 29th edition, the EY Tax Guide 2014, highlights important tax law changes, including the fiscal cliff deal at the beginning of the year, which can help with their tax planning for next year, especially for upper-income taxpayers who may be subject to higher tax rates.

“The overall posture of planning at the end of 2013 is certainly much different for the end of 2013 than it was for the end of 2012,” said Greg Rosica, contributing author to the EY Tax Guide 2014. “We’ve had significant change in tax rates and tax laws so a lot of the planning that was being done at this time last year was to try to accelerate income and defer deductions. I think we’re really in the opposite mode today where we’re looking at how can we accelerate deductions and defer income because we’re in a much higher tax rate situation now than we were last year. So deductions are worth more sooner and income postponed and paying tax into the future are all beneficial to do.”

The guide is available in a number of different e-book formats for the second year (eMOBI, ePUB and ePDF) as well as traditional hard copy to provide readers with on-the-go access to important 2013 tax changes. Taxpayers and professional tax preparers can also sign up at a companion Web site,, to receive tax alert emails and up-to-date information about tax law changes.

Included are two books in one. The first is the official Internal Revenue Service tax guide, Publication 17 – Your Federal Income Tax, which contains the IRS’s position on many of the questions taxpayers face. The second includes EY-prepared content that provides taxpayers and preparers with EY’s comments and explanations, including:

•    TaxPlanners: ideas to better plan for the upcoming year
•    TaxOrganizers: steps to take now that can make tax filing easier
•    TaxSavers: tips to ease your tax bill this year and next
•    TaxAlerts: tax rules and regulations that changed recently or may change in the near future

The EY portion also includes a summary of the major changes in the tax law for 2013 and a chapter that discusses planning ahead for 2014 and beyond. Other chapters go beyond those included in IRS Publication 17 to cover a variety of topics including specific information for the self-employed, tax treatment of mutual funds, gift and estate tax planning, tax considerations for U.S. citizens working abroad and foreign citizens living in the US. 

The EY Tax Guide 2014 also incorporates a number of tools and lists, including how to avoid the 25 most common tax-filing errors, the 50 most overlooked tax deductions, enhanced coverage of the alternative minimum tax, green tax breaks and incentives, and over 1,000 tips for saving clients money on their taxes.

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