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Deloitte Tax and Wealth Planning Guide 2014

Manage tax uncertainty, prepare for reform

Don Young
Deloitte
Public Relations
+1 713 982 2487


Molly Hagens
Hill + Knowlton Strategies
Media Relations
+1 713 752 1931

New York, November 1, 2013 – With the fiscal cliff narrowly avoided and new changes to Medicare and future policy changes on the horizon, taxpayers face many challenging decisions as they make their year-end tax plans.  Now in its 26th year, Deloitte’s  Essential Tax and Wealth Planning Guide for 2014 advises taxpayers on how to best manage tax changes and provides insight into how potential changes to tax law could impact tax and wealth plans. The guide is available on Deloitte.com.

"Wealth planning requires year-round assessment of markets, taxes and tax rates with an eye to future reform that may impact personal finances,” said Julia Cloud, partner, Deloitte Tax LLP and national leader of its Private Client Advisors practice.  “For 26 years, Deloitte has provided individuals and private businesses with strategic advice and counsel about better ways to navigate the tax planning process.  It is imperative for taxpayers to plan ahead in order to protect assets.”

Modifications to tax laws and federal spending throughout 2013 reinforce the ever present need for individuals and businesses to engage in year-round tax planning to mitigate financial risk. In 2013, the American Taxpayer Relief Act (ATRA) permanently extended the reduced Bush-era income tax rates for lower-and middle-income taxpayers. Further, it allowed the top rates on earned income, investment income and estates and gifts to increase from their 2012 levels for more affluent taxpayers for 2013 and beyond.  This year also marked the beginning of new Medicare taxes enacted as part of the patient Protection and Affordable Care Act, which targets earned and investment income of high-income individuals.  

“In the absence of broad tax reform, piecemeal changes to tax policy have created a cycle of uncertainty in our tax system,” said Jeff Kummer, director, Deloitte Tax LLP and a member of Washington National Tax policy group. “As this cycle will likely continue until Congress can strike a long-term balance between revenues and spending, the 2014 guide is an excellent tool to help taxpayers analyze the current opportunities available through the end of 2013 and into future planning cycles.”

The Deloitte guide covers a broad swath of tax planning issues, including:

  • Past and future changes to the tax environment
  • Understanding the impact of the ATRA for individuals and business owners
  • How to plan for income tax, wealth transfer taxes and charitable giving in light of ATRA
  • Planning beyond the fiscal cliff and continued tax uncertainty in 2014

“This year has been a roller-coaster in terms of tax planning,” continued Julia Cloud. “Although the passage of ATRA ended a decade-long debate over individual tax rates, changes to Medicare taxes and the possibility of a full-scale overhaul of the corporate and individual tax system ensure that the tax planning process remains a daunting challenge for taxpayers. The 2014 guide allows taxpayers to take advantage of Deloitte’s experience as a global tax advisor to address their current situation and any financial or tax risks that may lie ahead.”  

About Deloitte Tax

Deloitte offers clients a broad range of fully integrated tax services. Our approach combines insight and innovation from multiple disciplines with business and industry knowledge to help organizations excel.

As used in this document, “Deloitte” means Deloitte Tax LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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