Five Tips to help You Save On Your 2014 Income Tax Bill
Although there are still more than two months to go before we turn the page on the year 2014, the end of the tax year is still fast approaching. While it’s true that April 15 may seem like a long ways off, the fact is you only have those precious two months left to still do some tax saving on this year’s bill.
So whether you’re an early filer or you prefer to procrastinate until the deadline, now is the time to really start thinking about your 2014 taxes. To that end, here are a few suggestions to help you get prepared. First, contribute a little more to your retirement plan. By adding a few extra dollars to your retirement savings, you not only increase your overall amount, but you also decrease your taxable income at the same time.
Another helpful tip is to reposition your portfolio, which can help reduce your tax bill. You can do this by selling your poor performing stocks, which can offset the gains you make from your better performing stocks. Another way to reduce your tax bill is by giving more. Instead of giving more money to the IRS, reduce your taxable income by donating more to charity. It’s a win-win as you help those in need, and yourself, at the same time.
Meantime, make sure you don’t overlook possible tax credits, including the earned income credit, the child and dependent care credit, and the residential energy credit. Lastly, consider setting up a health savings account. These are great for helping you cover medical expenses now and for saving up money for the future.
Of course, you can also contact the professionals at GROCO for more tax savings ideas. Just call 1-877-CPA-2006 or click here to contact us online.
Collecting Classic Cars with Ardel Brown
Collecting Classic Cars with Ardel Brown Alan: I’m here today with Ardel Brown and we’re going to be looking at his car collection today. Alan: Ardel this is quite the man cave that you have here Ardel: Well it’s taken a little while to get it developed and fill it up, but it’s pretty full…
Study Shows Benefit of Lower Corporate Taxes
Study Shows Benefit of Lower Corporate Taxes Raise taxes on big business! That’s the cry of democratic lawmakers. Democrats argue that keeping the corporate tax rate high will help increase income for workers. While it’s true that wages have basically remained stagnant over the last decade, and the cost of living has gone up, increasing…
Costly Tax Mistakes Entrepreneurs Have to Avoid
Costly Tax Mistakes Entrepreneurs Have to Avoid Anyone can get into trouble with the IRS, including businesses. It seems as though entrepreneurs are especially susceptible to tax troubles, many times because they simply aren’t aware of all the tax pitfalls that lay ahead. However, many of these mistakes can be easily avoided. The key is…
Will the Wealthy Start Exiting California if Tax Hikes Are Extended?
Will the Wealthy Start Exiting California if Tax Hikes Are Extended? Just about everyone is aware that California has one of the highest tax rates in the country. So it wasn’t much of a surprise when voters passed a temporary tax increase back in 2012 that raised the state’s marginal income tax rate to 13.3…