The things successful person will do
If you received a large refund on your 2013 taxes, or had to pay a large amount to the IRS, you may want to consider adjusting your withholding rate. Ideally, you should fine-tune your withholding to pay just as much as necessary.
If you’ve been meaning to make a donation and want to lower your tax bill for 2014, be sure to make your contributions before the end of the year.
Many investors employ tax-loss harvesting as a strategy for reducing taxes on realized gains from winning investments. To claim any losses against this year’s realized capital gains, you’ll need to sell your investments that have lost value by the end of the year. Read Viewpoints: “Tackle taxes: Got gains or losses?”
One way to maximize the value of tax deductions is to bunch two years’ worth of itemized deductions into a single year. For example, if you have unreimbursed work expenses that you incurred early in the year, you might be able to accelerate payments for deductible expenses in order to pull next year’s expenses into this year and double up your 2014 deduction.
Flexible spending accounts have use-it-or-lose-it deadlines. The U.S. Treasury Department did relax the rules a bit this year. Employers can allow participants to carry over up to $500 in unused funds into next year, so check with your employer and make sure your balance doesn’t exceed that.
The broad stock market has outperformed the bond market by a wide margin, meaning your balance of stocks and bonds may have changed. You may need to bring your portfolio back in line with a diversified mix that is best for your situation (read Viewpoints: “The pros’ guide to diversification”). For help, use Portfolio Review.
One important point to keep in mind is that retirement accounts pass directly to named beneficiaries, rather than becoming part of your estate. That can provide significant tax advantages for your heirs. So review your beneficiary designations, especially important if you have had some changes in your life, such as a birth, or a death, or a change in marital status.
from : www.forbes.com
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