November 19, 2014
Here are just a couple of tips for tax savings as we come to the end of 2014:
1. Inventory items at home that are in good condition and donate to your local charity. Several nonprofit organizations can then in turn sell those items to individuals who are interested and donate the funds to the needy.
2. Contact your certified financial planner concerning any additional contributions that you can make towards your retirement.
3. Selling off stocks that have had substantial capital losses will help offset your capital gains.
4. If you own a business purchasing necessary assets before year end and taking advantage of Section 179 Depreciation will also help reduce you taxable income. Congress is still out about the limitations concerning Section 179 depreciation for 2014.
5. A great time saving tip for this coming tax year end is to prepare yourself for the upcoming tax season. Gather those receipts of donated items into a folder and mark the folder 2014 Tax Return.
I hope you will find these items helpful as you prepare for the upcoming tax season.