Like it or Not, Now Is the Time to Think About Taxes
There are still several days before we officially celebrate Christmas, which means people still have plenty to do, including finding those important last-minute gifts. However, if you are done with your shopping, maybe you can put Christmas aside for a moment and focus on taxes. Taxes are probably the last thing you want to think about right now, but if you wait too long the chance to save some money could melt away as fast as spring snow.
Even though you don’t have to turn your taxes in until April, the choices you make now can make a huge difference. With so many tax considerations still up in the air, along with the Affordable Care Act (ACA), there are lots of things to think about, and plan for.
For starters, you can get a better idea of how the ACA will affect you by using the Tax Policy Center ACA Calculator found here. This will give you a better idea of how the ACA and all its intricacies will affect your 2014 tax return. Another possible trouble spot for taxpayers is the continued uncertainty in Washington regarding several tax breaks that expired at the end of last year. Stay tuned.
Of course, there are some measures you can take no matter what lawmakers decide to do. For example, when you have stocks that do well it can help to sell other less-successful stocks. Doing so can help offset your capital gains. Another way to save is to contribute as much as possible to you retirement account. Using up flexible spending accounts before the year is over is also usually a smart move, as is making charitable donations. All of these steps can make for a happier tax return.
If you would like other tax saving tips to help you plan for your return, then contact us online today at GROCO, or call us at 1-877-CPA-2006.
Automatic Penalties for Late Form 5471s and Related Forms
Automatic Penalties for Late Form 5471s and Related Forms On January 1, 2009, the IRS will begin to automatically assess section 6038 penalties for each late-filed Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, and late filing penalties under section 6651 for related forms. IRS is now sending out letters…
Selecting a Good Trustee – Factors to Consider When Choosing a Trustee
Selecting a Good Trustee – Factors to Consider When Choosing a Trustee By Rocco Beatrice WHAT TO LOOK FOR IN A TRUSTEE When selecting a Trustee the most important qualities of a trustee are honesty, stability, dependability, organization, financial experience, and ability to devote time and energy on an impartial basis for the benefit of…
Tax Strategies Under Obama Tax Plan
Tax Strategies Under Obama Tax Plan Everyone is aware that President-elect Barack Obama has stated his case clearly that there will be a major tax bill for 2009. As our experience shows, a first-term tax law will probably not see passage by both houses until as late as July; however, it is more than likely…
Gift Tax: Tips from the IRS
Gift Tax: Tips from the IRS Taxpayers who have given gifts exceeding $11,000 in value to a single individual must report the total gift amount to the Internal Revenue Service (IRS). The giver may owe taxes on the gifts. The recipient, however, does not have to report or pay taxes on the value of the…