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.
Alternative to Deleting Facebook
Facebook is getting a lot of criticism. Last week Apple CEO Tim Cook slam’s Facebook that it wouldn’t be in the situation because it cares about privacy. Facebook is also getting heat from congress over the last presidential election and the spreading of fake news.While some users are calling to delete their Facebook account, there are other options. According to Mark Zuckerburg, Facebook is taking actions to prevent companies from getting your information and ensuring these types of things
How to Maintain the Most Important Ingredient for Leadership
Remember those battery commercials featuring the Energizer Bunny? He just kept going, and going, and going. Yes, it’s true. That Bunny might have been a little annoying, but the message was clear. Energy is important and you never want to run out of it. So what about energy in the business world? How important is energy to an organization’s success? The truth is it’s vital.Energy Breeds SuccessHave you ever worked for a company that was low on energy? Going to work was probably a drag. There is
Beware of Cryptocurrency Frauds
Does it seem like a new cryptocurrency is born each day? Digital coins are popping up continuously, with each hoping to be the next Bitcoin. While most cryptocurrencies will likely never reach the value of Bitcoin, some of them have no intention to. That’s because scammers are becoming more prevalent all the time in the cryptocurrency market.If you haven’t been paying attention, several agencies are starting to sound alarms. According to recent reports, The U.S. Commodity Futures Trading
When Is a Good Time to Get Into the Stock Market Game?
Anyone who has ever studied or even followed the stock market knows that market ebbs and flows. There will always be ups, and there will always be downs. That’s simply the nature of investing. If it were easy to predict then everyone would be successful and wildly wealthy.Last year saw amazing gains in the stock market, as a whole. However, this year, things have been heading in the other direction. Just last month the market saw some big dips, including a one-day loss on the Dow Jones of more