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Tax Planning for 2014 Starts Now

January 30, 2014

Looking forward or looking back as a tax strategy?  Click on the TAX PLANNING LETTER LINK below for tax saving ideas.

The beginning of the year offers a unique opportunity for your tax planning:  the opportunity to look back over last year as you gather your documents for 2013 tax return preparation and looking ahead in 2014 to determine what you can repeat or improve.

Retirement plan contributions are a good place to start with this tax strategy;  you can still make a calendar year 2013 contribution to your traditional IRA ,  right up to April 15, 2014.  This deductible contribution can help reduce your 2013 tax bill - a looking back, after year-end tax planning move.

Looking ahead using the same strategy, now is the time to begin thinking about your 2014 IRA contribution. Start setting aside funds today to save all year for a current contribution.   This allows you to have the funds on hand and available as you look forward  and decide what contribution mix would make the most sense for your situation.

For more looking back/looking forward tax strategies, click on the TAX PLANNING LETTER link on the front page of our website.

   

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