2014–15 tax guide: Introduction

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First the good news. As 2015 begins, the economy’s slow simmer appears headed toward a full boil. For many businesses and business owners and executives, that will mean higher incomes. Now the bad news. Higher income leads to higher taxes. Planning is as important as ever, and even the most sophisticated planning should start with understanding the basic rules. You need to know how all the credits, exemptions, deductions, phaseouts, tax rate tables and other items in the code have changed. This tax guide is your starting point, with tables including 2014 numbers you can use when preparing your tax return and many of the most important 2015 tax figures for you and your business, enabling you to see what’s changed and by how much.

The guide also outlines the most important tax considerations for you and your business and is stocked with tax-planning tips that offer strategies you can put into practice right now. It also shows you how to tax-efficiently invest for retirement and share your wealth with loved ones.

But remember, this guide can’t cover all possible strategies, and several items could change with legislation. We’ve tried to point out areas where legislation could make a difference, but you should check for the most up-to-date tax rules and regulations before making any tax decisions. Contact your local Grant Thornton LLP professional to discuss your specific situation or for an update on tax legislation.

David Walser
+1 602 474 3410

Dustin Stamper
+1 202 861 4144

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This document supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document, we encourage you to contact us or an independent tax adviser to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this document is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by Grant Thornton LLP to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Contact Grant Thornton LLP or other tax professionals prior to taking any action based upon this information. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; Grant Thornton LLP assumes no obligation to inform the reader of any such changes. All references to “Section,” “Sec.,” or “§” refer to the Internal Revenue Code of 1986, as amended.