Tax Warrior Chronicles

Paisley ties, power tools, grilling equipment, and hand-made greeting cards.  When you see these items in the house, it can mean only one thing…Father’s Day is near!  And, though these gifts may not be the most coveted, they are all given with love.  The Tax Warriors^® at Drucker & Scaccetti recently published a Mother’s Day blog with tips and tax savings for mom.  It’s only fitting that we skip the Mickey Mouse tie and give dads their own blog summarizing a few life situations with tax consequences they may encounter. We haven’t met a dad yet that does not like saving cash, and these tips are aimed at helping you do just that.   

The liberty to write this blog and disseminate its information freely for the masses to read without the fear or threat of incarceration (or worse), is an incredible right afforded us in the U.S. Constitution. For more than 225 years, thousands of men and women have fought for our ability to continue to take advantage of these sometimes taken-for-granted rights. And, some have paid the ultimate price for our freedom.

Today, October 15, 2014, marks the last day of the 2013 tax filing season.  Now, The Tax Warriors^® can give our undivided attention to year-end planning for 2014 (though tax planning really is a year-round endeavor) and start to considering what we have to look forward to in 2015.

Miller, TC Summary Opinion 2014-74

Many Washington watchers would agree that the partisanship in the capital is as divided as it has ever been.  However, amongst even the most liberal and conservative lawmakers, there are agreements on tax reforms that come from completely opposite ends of the political spectrum.  And since it is St. Patrick’s Day, we are all hoping for a pot of gold (in the form of tax relief) at the end of our rainbow, if the two sides can turn these policy agreements into actual legislation.

Investing a few moments with your tax and/or financial advisor can pay off greatly on your 2013 tax bill.  Even though there are only days left before the year ends, it's not too late to make some planning moves that can improve your tax situation for 2013 and beyond. The following are some last-minute (and this time we really mean LAST MINUTE) actions that you can take before December 31, 2013, to improve your overall tax bill in April.

The Tax Warriors^® at Drucker & Scaccetti are known for relentlessly defending your wealth.  But, even we recognize that there are warriors whose mission is far greater than ours—the men and women who’s every waking moments are spent defending our great nation. Our veterans deserve special recognition amongst those in our society, and the tax code is but one section of the law that gives them varying degrees of breaks in recognition of their selfless service.