TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Sunday, July 7, 2013

WSJ: 13 High-Impact Tax Moves for 2013

Wall Street Journal Tax Report:  High-Impact Tax Breaks, by Laura Saunders:


The year is half over. So it's time to make sure you are making your best tax moves for 2013. "People need to be proactive," says Janet Hagy, a certified public accountant in Austin, Texas. "By December, it may be too late."

Income and estate taxes underwent seismic shifts in January, rearranging the landscape for many taxpayers. Wealthy Americans in particular are facing higher tax rates on ordinary and investment income.That makes it all the more important to review Uncle Sam's highest-impact tax breaks:

  • Capital-loss harvesting
  • Capital-gains harvesting
  • Like-kind exchanges
  • Two-week home rentals
  • Home-sale benefit
  • Charitable donations of appreciated assets
  • Charitable IRA rollover
  • Solo defined-benefit pension plan
  • 529 plans
  • Annual gifts of $14,000
  • Gifts of tuition or medical care
  • "Step-up" at death
  • Estate-tax exemption portability

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