With the impending fiscal cliff only weeks away, Washington still has not reached a compromise. Yet a recent Gallup survey found that eight in 10 Americans consider achieving resolution to avoid the fiscal cliff extremely or very important. For businesses and individuals, this means a difficult task in year-end tax planning.

Here are 5 things businesses and individuals should consider during this tough period of tax planning.

Source: Samuel C. DiSalvo, director the tax practice, Freed Maxick CPAs