Welcome to our monthly Economic, Capital Market, and Financial Planning tip of the month.
This months Financial Planning Tip of the month, like last months, may save you valuable tax dollars!
Once again a special thanks to all of YOU … the best clients and friends as your experiences have again given us the subject matter for our Financial Planning Tip of the Month.
For those new to our writings, we touch on the most pertinent Financial “stuff” along with a video of my mug that has even more specialized details of the latest month as well as this post.
Another special Tax saving Financial Planning Tip: consider clumping of those property taxes
If you are not itemizing (or just barely over the standard deduction) you MAY be a candidate for clumping your property taxes.
Now pull out your tax bill that you most likely just received. If multiplying it times two throws you well over your standard deduction, consider clumping two of our tax payments into one year i.e. Pay January and December of the same year and then skip the next year, especially if you are not itemizing or just barely over the standard itemized amount.
IRS Standard deductions for 2014:
- *Married filing jointly or surviving spouse $12,400
- *Head of household $9,100
- *Unmarried $6,200
- *Married filing separately $6,200
Confused? Give us a call, we will explain!
cO-aNCHOR Sirius sATELlITE RADIO SHOW
After the intro and background of myself and our firm, the phones immediately rang from across the United States with multiple single individuals, many of them women, matching much of our client base.
After a full hour of spontaneous questions and answers, the show was on to the next segment. What a fun experience and a super way to give back.
Have a Great dash to the end of the year!
John A. Kvale CFA, CFPhttp://www.jkfinancialinc.com http://www.street-cents.com 8222 Douglas Ave # 590 Dallas, TX 75225