Nov
19
Top Tips for Your 2014 Taxes
The end of the year will be here before you know it, but there’s still time to take steps that may help reduce your 2014 tax liability. Here are some ideas to consider.
Increase tax-advantaged retirement contributions. If you participate in a workplace retirement plan, the deadline to make 2014 contributions is December 31. Your employer’s plan may allow you to increase or decrease contributions at any time. IRA contributions for 2014 can be made up to the April 15, 2015, tax filing deadline. (See chart for retirement plan contribution limits.) A SEP IRA could give you a deduction if you are self employed in SC, NC, FL or GA of up to $52,000 in 2014.
Consider deferring income. Depending on your situation, consider deferring income (including investment income) to next year.
Increase tax-advantaged retirement contributions. If you participate in a workplace retirement plan, the deadline to make 2014 contributions is December 31. Your employer’s plan may allow you to increase or decrease contributions at any time. IRA contributions for 2014 can be made up to the April 15, 2015, tax filing deadline. (See chart for retirement plan contribution limits.) A SEP IRA could give you a deduction if you are self employed in SC, NC, FL or GA of up to $52,000 in 2014.
Consider deferring income. Depending on your situation, consider deferring income (including investment income) to next year.
