Make These Smart Moves Now for the 2015 Tax Year
Make These Smart Moves Now for the 2015 Tax Year
We all know that 2014 is just about over, which means soon we’ll be watching that big crystal ball drop in Times Square and kicking of another new year. A new year means new goals and resolutions, which can cover just about every aspect of our lives. Of course, taxes are among the many things you can focus on right now, but it’s not just this year’s taxes that need your attention.
Save Now and Next Year
2014 is almost gone, but you still have a few days left to make some last minute deductions to enhance this year’s return. One of the best ways to save money on your taxes is to find some last minute deductions before the door closes on 2014. One great way to do this is to contribute more money to a pre-tax retirement plan, like a 401K. Making charitable donations is another effective way to add your deductions. Plus, you can always save on your capital gains by selling off any other stocks that haven’t performed so well, which can help offset your gains.
Never Too Early to Start
Now that you have some ideas for this year, what about preparing for 2015. That’s right; it’s never too early to start preparing for the next year’s taxes as well. In fact planning ahead right now for 2015 can make the end of next year a lot easier to prepare for when the time to tax plan comes again next December.
Check Your Financial Inventory
One step you can take is to get an inventory of your financial situation, which can help you set up your investments the best way possible for 2015. Getting together with your financial planner and advisor and reviewing your tax planning and retirement funds can be a big help.
What’s Your Effective Tax Rate?
Although you may know which tax bracket you fall into it’s also a good idea to figure out your effective tax rate, which is the percentage of taxes you pay each year out of your total income. By being familiar with your effective tax rate you can be in better position to make important retirement decisions. For example, should you allocate money in a traditional pre-tax 401K before the year is over or should you instead use an after-tax Roth account?
Have Any Withholding Issues?
Once you’ve started to get a better picture of what next year will look like you might find that you’ll owe taxes in that year. If you think you might fall into that category, then why wait; go ahead and run your numbers now with the help of an experienced tax professional like GROCO. If it looks like you might owe money, then you can make the needed changes to your withholdings before the New Year begins. This can help reduce next year’s tax bill. On the other hand, if you expect a large refund, then decreasing your withholdings can mean you will have more income in your pocket throughout the year.
Don’t Wait Till Next Year
Whatever tax planning decisions you decide to make, just be sure you do something. By implementing these strategies you can not only help yourself for this year’s return, but you can get the 2015 tax year off to a great start as well. Contact GROCO for more information at 1-877-CPA-2006 or click here to contact us online.
We hope you found this article about “Make These Smart Moves Now for the 2015 Tax Year” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
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See Lynn Thomas’ Recent Interview with Alan Olsen: https://youtu.be/0VFOWFl3wqk Lynn Thomas has been helping clients unlock success, one idea at a time by executing tailored client presentations that deliver extraordinary client experiences. Her firm specializes in creating and implementing plans based on new tax laws and the ever-changing market research. Lynn connects with her clients…
See Dr. Lee Hood’s recent interview with Alan Olsen: https://youtu.be/60DDZ0MJ8QE Dr. Lee M. Hood is best known for his development of technologies which have enabled the advancement of predictive, preventative medicine. Dr Hood’s journey began at a young age, when he was an assistant professor of molecular immunology at California Institute of Technology in 1973.…
See Ali’s recent interview with Alan Olsen on Youtube: https://www.youtube.com/watch?v=MJyKKqTCaBM Ali Nasser is a serial entrepreneur who has been helping business owners for nearly twenty years. He understands the legacy dilemma and financial freedom that many business owners face when it comes to their life experience, which is why he has developed a powerful and…
Transcript Alan Olsen Welcome to American Dreams. I’m here today with Lynn Thomas. Lynn, welcome to today’s show. Lynn Thomas Thank you for having me on. I’m delighted to be here. Alan Olsen So Lynn, for the listeners, you have a remarkable career. I think you started out with Arthur Andersen. Lynn Thomas Yes, I…