There's only one day left to finish up on expenditures for 2014. In tax planning you should determine whether some expenses would be better to count in 2014 or to shift to 2015.  The key is to review your deductions before the end of the year and determine whether some expenses can and should be shifted from one year to another in order to maximize your deductions and provide the greatest tax savings.

For example, you may have enough medical expenses in 2014 to meet the minimum percentage of AGI to be able to deduct them. Therefore, you want to make sure all medical bills are paid this year so they can be deducted, because you doubt the same will be true in 2015.  Or vice versa.

The key date for deducting an expense is the date it is actually paid. For example, you can buy something for your little business now with a credit card.  If you want it to count for 2014, make out a check for its payment and put it in the mail before Jan. 1.  If you want it to count for 2015, wait to pay it until the card's regular billing cycle comes due.

Lee Phillips

P.S. Year after year, taxes are definitely one area where an ounce of prevention is worth a pound of cure.  Our associate Ben Rucker helps people with both--doing monthly tax planning on one end and getting people through audits with the minimum pain on the other. Just last week he helped one of my students save tens of thousands of dollars and hundreds of hours on an IRS audit.  Sign up for a free tax review with him at http://forms.aweber.com/form/51/1487322151.htm