The end of the year is only two and one half weeks away. With the second year of massive phase outs of deductions, optimizing taxes is very important. There are still tax savings ideas that can really help your pocket-book when the tally is settled in April.
Year End Last Minute Tax Ideas
- Maximize your 2014 retirement contributions if you have not already
- Wash investment Gains and losses (for clients, we do as much as possible already)
- Clump/skip those property taxes into one year if you are not maximizing your standard deduction (greater details here)
- Consider accelerated/delayed donations if this has been a higher/lower than normal year
- Make your HSA (health savings account) contribution (this can be done next year, but synching the years for tax purposes is slightly easier)
- RMD: Watch the double dip (details here)
Have a Great Monday!
John Kvale CFA, CFP
http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225