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The new year could bring important changes to the tax landscape. Here are several issues that will affect how much taxpayers owe for 2015 and beyond:
Federal tax policy
There is serious talk of overhauling the federal tax code. “There appears to be a consensus” on making changes, says Stephen Baxley, a tax specialist at Bessemer Trust—though it isn't clear if Congress will agree on the details.
The details matter when it comes to the individual income tax. Attempts to improve the system, such as the plan from outgoing House Ways & Means Chairman Dave Camp (R.-Mich.), often aim to simplify the code by applying lower tax rates to a broader base of income, without affecting overall revenue. More