Finance Globe

U.S. financial and economic topics from several finance writers.
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3 End of Year Tax Tips

With the end of 2014 closing in like a freight train, there is no better time than now to start planning for next year.

While your final tax returns may not be due until April 2015, the sooner you get organized the better off you will be.

Here are three end of the year tax tips to consider:

1. Search for last minute tax deductions. For example, making charitable contributions before the end of the year can help you save. You may not be in position to donate a lot of money, but every little bit helps.

2. Contribute the maximum to retirement accounts. If you have yet to max out your retirement accounts, take a strong look at doing so before the calendar year turns over.

From an investment point of view, many agree that there is nothing better than tax-deferred retirement accounts. If you have come up short during the year and have the money to contribute right now, you should consider doing so.

3. Consult with your accountant. It is easy to believe that you have everything in order, but this is not always the case. When you consult with your accountant now, you can avoid last minute surprises in the new year.

These end of the year tax tips are anything but complicated. You should be able to easily implement these three ideas to better your tax situation and improve your chance of avoiding a hassle and a big tax bill when it comes time to file your final return.

Nobody wants to think about their tax situation regularly, but it is better than the alternative. The end of the year is a great time to make changes for the better.
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Thursday, 29 July 2021

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