YEAREND TAX PLANNING FOR 2014 - IT IS NOT TOO LATE!!!!!!!

1. Review itemized deductions.    If 2015 income is going to be more, defer deductions to 2014.  if 2015 income is going to be less, accelerate deductions into 2014.
2. Be Charitable.  You can donate cash, autos, used items to charity.  Remember a cash donation of over $250.00 must be documented as well as noncash gifts of more than $500.00
3. Be Even More Charitable.   If you have appreciated stock or mutual funds, consider gifting the appreciated stock or mutual funds.  Full deduction for the appreciated gain.
   
   
4. Charity after 70 1/2.  If you are over 70 1/2 and have an IRA, consider using an IRA to make your charitable contribution.  Contribution would be tax-free and still count as RMD.
5. Gifts to Family.   You (and spouse) can gift up to $14,000 per year to every family member and the gift is nontaxable to the family member and is not subject to gift tax.
6. Contribute to 401k.  If you have a 401k, if you can, contribute up to the maximum for 2014 which is $17,500, if older than 50 you can contribute $23,000.
7. Roth Conversion.  If you think taxes are going up (who doesn't?) than convert your IRA to a Roth and pay tax at lower rates.  When you take money from your Roth later there is no tax.
8. Reduce that Refund.  Don't give the Government an interest free loan.  If you are getting a large refund year after year, complete and file new W-4 with your employer and decrease your exemptions.  Keep your hard money and invest it somewhere else.
9. Be Prepared - Forecast those taxes.  Don't go to your tax preparer not knowing what your estimated taxes will be.  Use our free tax calculators to estimate your 2014 tax liabilities.  Here is the link:  http://www.cpasitesolutions.com/content/calcs/index.php?id=20&category=Taxation
10. Don't Be Afraid to Ask?    Call your tax professional if you have questions. We will take any call, client or nonclient, between now and the end of the year and will address your questions and questions absolutely free of charge.  We may ask you to sign up for our free newsletter, but that is it.  We are here to help.

On December 15th, we will provide our top ten business yearend tax tips.  Please don't miss it.

 

Gurr CPA LLC

1156 S State Suite, 202, Orem, UT  84097

Ph: 801-225-9411  Fx: 801-225-4318

email:  info@gurrcpa.com

website:  www.gurrcpa.com