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The Tax Foundation released a study called the International Tax Competitiveness Index, in which our great nation ranked 32nd out of 34 countries in the Organization for Economic Cooperation and Development in relation to tax competitiveness. The study compared tax systems using over 40 variables in five categories: corporate taxes, consumption taxes, property taxes, individual taxes and international tax rules. The study claims that the US individual income tax system is poorly structured, confusing and has high rates.

With these tough circumstances there may be tax strategies available to reduce your tax burden. For instance, the tax extenders package that was signed into law in December 2015 retroactively extended many tax provisions that expired in 2014. The opportunities to save may be there, you just have to know where to look. In order to utilize these tax strategies to maximize your tax savings, consult with a trusted tax specialist.

To discuss cutting edge tax strategies, contact your local UHY LLP professional, or visit us online at www.uhy-us.com.