Try These Five Tips For Tax Savings in 2014

Everyone loves to save on their taxes, especially since it seems like the government never runs out of ways to add to American’s tax bill. So let’s discuss some helpful tips to reduce your tax bill. Although it might be too late to implement these ideas for last year’s return – unless you file an amended return – you can start using them as you prepare for your 2014 taxes.

• One of the best things you can do to reduce your tax bill is to maximize your retirement accounts. By contributing the maximum to your retirement fund you can save thousands in taxes.
• Take full advantage of health care savings accounts by again contributing as much as you can to your account. It’s also a good idea to buy a plan on the Affordable Health Care Act exchange. Failing to do so could mean paying a penalty, which is really a tax.
• If you itemize your tax deductions then don’t forget to write off your state and local sales tax from your federal return.
• You can also deduct any expenses you incurred for moving if it was for a new job, as long as it was at least 50 miles away.
• When it comes to a retirement plan, make sure you choose which option is best for you: Traditional IRA or Roth IRA. If you’re not sure, we can help you figure it out.

All tax situations are unique. If you need help with your tax planning for 2014, then contact us at GROCO and we can help.

We hope you found this article about “Try These Five Tips For Tax Savings in 2014” 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.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.