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Wealth Planning Insights


Six Tax Filing Considerations

Don’t overlook some of the finer points when filing your year-end taxes

> Download Six Tax Filing Considerations [PDF]

The window for 2014 year-end tax planning is closed, but in the run up to filing season there are still a few easily overlooked deductions and credits you should be aware of. In compiling the necessary forms and filling out your taxes, it’s not uncommon to forget about certain filing deadlines, maximum amounts or other credits that you could receive.

These potential blunders include:

  1. Foreign Bank Account Reports (FinCEN 114) must be filed electronically by June 30 even if the taxpayer has an extension on their income tax return.

  2. Taxpayers with more than one employer often exceed the social security withholding maximum of $7,254 and can claim a credit for the excess amount.

  3. If a taxpayer moved from a state with income tax to one with no income tax and has non-qualified deferred income after the relocation, there could be a claw-back.

  4. Taxpayers participating in electronic giving often keep less thorough paper trails of their charitable gifts and therefore overlook opportunities to itemize those deductibles.

  5. Incentive stock options exercised and not sold in the same year may be subject to the alternative minimum tax of 28 percent.

  6. If a taxpayer sells a residence that has been rented for more than two of the last five years, they may lose the $250,000 gain exclusion.

Make sure to store not only your returns, but also any paperwork, statements and charitable donation records. Having this paperwork will help you answer any claims by the Internal Revenue Service and will also help streamline next year’s tax return process.

As a premier financial firm, Northern Trust specializes in life-driven wealth management backed by innovative technology and a strong fiduciary heritage. For 125 years we have remained true to the same key principles – service, expertise and integrity – that continue to guide us today. Our Wealth Planning Advisory Services team leverages our collective experience to provide financial planning, family education and governance, philanthropic advisory services, business owner services, tax strategy and wealth transfer services to our clients. It is our privilege to put our expertise and resources to work for you.

If you’d like to learn more, contact a Northern Trust professional at a location near you or visit us at northerntrust.com.

Northern Trust Wealth Planning Advisory Services include financial planning, family education and governance, philanthropic advisory services, tax strategy and wealth transfer services.
(c) 2015, Northern Trust Corporation. All rights reserved.
LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal or tax advice from their own counsel.
IRS CIRCULAR 230 NOTICE: To the extent that this communication or any attachment concerns tax matters, it is not intended to be used, and cannot be used by a taxpayer, for the purpose of avoiding penalties that may be imposed by law. For more information about this notice, see https://www.northerntrust.com/circular230.