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.
Top Tax-Saving Moves Used By High Net Worth Individuals
One of the biggest complaints certain groups or individuals have against the wealthy is that they can take advantage of too many tax breaks and loopholes to lower their tax bill. So what are some of the top tax strategies that high net worth individuals use to keep their tax rates down, and could anyone…
Should University Donations Trigger Tax Breaks for the Wealthy?
Universities big and small receive donations from many different sources, including wealthy alumni. However, not all donations are created equal and because the wealthy donors get a huge tax break for their significant donations, some wonder if that is really fair. For example, Nike co-founder, Phil Knight, recently donated $400 million to Stanford, where he…
Money-Saving Tips for Freelancers
When you hear the term freelancer, you might think of someone working a small business out of his or her home and just doing things on the fly. However, freelancers come in all forms and many owners of small businesses or startups are also freelancers. Being a freelancer means you are self-employed and being self-employed…
Who Really Qualifies as a Dependent for Taxes?
How many dependents do you really have? Who can really be counted as a dependent? These are some of the most common questions that all taxpayers have. Can you count all of your children, live-in help, or perhaps a dog or other family pet? What about a friend who decides to crash at your place…