As the fall season moves into high gear, a tax practitioner's thoughts should turn, at least in part, to year-end tax planning. Year's end provides a unique opportunity to evaluate how each client's tax liability is shaping up while there is still time to tweak transactions to maximize tax savings between the current and the upcoming year.Many year-end tax planning considerations and techniques should be repeated year after year. Deciding whether to accelerate deductions or defer income, as well as taking the time to consider all deduction opportunities before they slip away with the old year, are "ol' standards" that never change.
Part of year-end planning, however, should be focused on what is changing in the tax law, so certain actions may be postponed or accelerated as a result. This article surveys those tax law changes that have a special impact on 2005 year-end tax planning.
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