Analysis

Mid-market perspectives blog

Tax and wealth guide highlights changes

If you are an owner of a closely-held or family-owned business, you understand that your personal tax and wealth planning decisions can have a broader impact — on your company, family members and other stakeholders. The purpose of the 2015 Annual Wealth Guide is to help you plan by aligning your personal circumstances with tax law realities.

Are you planning ahead? Deloitte tax and wealth guide highlights changes

November 3, 2014

A blog post by Julia Cloud, National Managing Partner — Deloitte Private Wealth, Deloitte Tax LLP

If you are an owner of a closely-held or family-owned business, you understand that your personal tax and wealth planning decisions can have a broader impact — on your company, family members and other stakeholders.

The purpose of the 2015 Annual Wealth Guide is to help you plan by aligning your personal circumstances with tax law realities. Effective planning means developing your own personal view of our economy and the markets, taxes and tax rates that you may experience now and in the future. Although no one can predict the future, being informed will help you be prepared for future changes.

Topics covered include the following:

  • The current environment: A recap of current debates in Congress, tax reform proposals and a look ahead at 2015.
  • Income tax: Focusing on the details — analyzing income and deduction recognition; and considerations for implementing a long-term commitment to thoughtful tax planning specific to your situation.
  • Wealth transfer tax: Thinking ahead with some predictability — addressing planning now that we have more certainty of the wealth transfer landscape and exclusions.

We believe our 2015 guide reflects today's reality of a more stable planning outlook, based on current tax policy and the political environment. The debate has died down on many fronts and chances are that we’re looking at rules that may not change substantially for a generation or more.

Managing wealth isn't about anticipating the next political skirmish anymore — it’s about careful planning and being aware of anticipated changes on both the federal and state levels. In this more stable environment, it becomes even more important to rely on your trusted tax advisor to help you stay informed about the latest tax law changes, relevant planning opportunities that address your current tax situation, and financial and tax risks that lie ahead.

For more information, please consult The 2015 Essential Tax and Wealth Planning Guide. If you’d like to speak with a professional in our Deloitte Private Wealth practice who specializes in your area of interest, please contact me at PrivateWealth@deloitte.com.

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