Close of 2014 tax planning presents challenges to individuals, businesses: Part 1

Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these breaks until the very end of this year and, possibly, not until next year.For individuals, these breaks include the following:

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