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Last Minute Tax Saving Tips

By Gerry W. Beyer

Tax CutIt is down to the wire to maximize 2014 tax savings. Here are some tips to make the most of 2014 while there is still time:

  • Balance capital losses and gains.
  • Make a last minute IRA or 401(K) contribution if the limit has not already been reached.
  • If itemized deductions will rise above the 2% floor, get all of the scattered receipts and paperwork together now.
  • Even if itemized deductions will not be beneficial due to the 2% floor, get receipts together for other deductions not limited by the floor.

See John Wasik, The Four Best Year-End Tax Planning Tips, Forbes, Dec. 26, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

Posted in:
Estate Planning - Generally and Income Tax