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.
How To Avoid Taxes on Income From Selling Expensive Art?
Income tax on sale of Paintings Are you a collector of rare and expensive art? Are you tired of getting hit with high tax bills every time you sell one of your pieces? Anyone who deals with extremely value collectibles like artwork knows how expensive these works can be. Taxes for artists At the same…
IRS Blames Budget Cuts for Smaller Workforce, Poorer Customer Service
If you had any less than desirable experiences with the IRS this year then you’re probably not alone. That’s because the top tax agency continues to be plagued by complaints of poor customer service and a general lack of assistance. According to the IRS there’s good reason for that. The agency says it cannot keep…
Why Are the Ultra-Wealthy So Good at Avoiding Taxes?
While many in the media, as well many lawmakers on the left, would have you believe that the nation’s wealthiest individuals are really good at skipping out on their taxes and that they don’t pay their fair share, the fact is, in most cases, that’s not true. Yes, it is true that many of he…
Why Aren’t People Spending Their Tax Refunds?
Economists, politicians and people in general like to discuss the nation’s economy and where it stands at any given moment. There are many different points that are touched on and several aspects that are used as evidence to make important points. However, one indicator of the economy’s health that can never really be argued is…