Another tax year end is upon us. It’s time to turn our attention to possible strategies that could reduce business, individual and other taxes for 2015.

Being a partner in a dairy niche accounting firm, I am often asked, "What makes one dairy more profitable than another?"

With the growing costs of utilities, more families and business owners are turning to renewable energy alternatives. There are many benefits to using renewable energy such as the long term savings, less maintenance, decreasing your carbon footprint, and even possibly saving money on your taxes!  

Nevada, historically known for its lack of state income taxes, has enacted a new gross receipts tax that may impact in-state and out-of-state businesses doing business within Nevada.

Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now available for ALEs to study and begin preparations for required filings. In addition, organizations that expect to file Forms 1094 and 1095 electronically can peruse two final IRS publications setting out specifications for using the new ACA Information Returns system.

Beginning in 2016, large employers (those with 50 or more employees) must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in the previous year. The forms are used by the IRS to enforce the Affordable Care Act’s (ACA’s) shared-responsibility (or “play or pay”) provision, as well as individual mandate and tax credit eligibility rules.

With Congress returning from its August recess, tax-savvy Americans want to know when Congress will pass “tax extender” legislation to revive expired tax breaks for 2015. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in effect. Unfortunately, Congress often waits until the last minute to do so.

If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are subject to a higher maximum rate (28%) than long-term gains on most long-term property (15% or 20%, depending on your tax bracket) — so you can save even more taxes.

The tax treatment of NQSOs differs from that of their better-known counterpart, ISOs. With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs).

Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t necessarily the better path. For couples with large estates, making lifetime asset transfers and setting up trusts can provide benefits that exemption portability doesn’t offer.