For the last several years, taxpayers have faced great uncertainty determining whether they can depend on tax incentives to help them lower taxes. These have become known as the “51 Tax Extenders”. Last December, Congress extended most of these provisions for one year retroactively to the beginning of 2014, but not going forward, so they expired again at the end of 2014.

The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner.

Have you heard about the new "Achieve a Better Life Experience" (ABLE) accounts? They're tax ­favored savings accounts you can establish to set aside money to pay expenses for a disabled family member. Assets in ABLE accounts grow tax-free and withdrawals are nontaxable if used to pay qualified disability expenses.

The IRS recently reminded business that they have an obligation to report any cash payments in excess of $10,000 on Form 8300.

Muni-bond appetite on the rise as investors seek tax-free safety: More investors are looking to add municipal bonds in their portfolios as they prefer safer investments in the wake of the Fed's decision not to raise interest rates, according to MarketWatch.

Thomson Reuters is forecasting the tax rates for next year and predicting they will be adjusted upward in line with modest inflation.