Jeffrey B. Kahn, Esq. discusses taxes on the November 9, 2014 radio show “Talking Money with Mr. C” on 760AM KFMB in San Diego
Description: Tax planning: What’s the good news? It’s never a waste of time… there still are some tax breaks on the books that you can use to your advantage before the end of 2014. Some types of time or monetary investments have risks, but not tax-planning. This is why EVERYONE should do it.
The bad news is that there is no guarantee that all the extenders (there is more than 50 business and individual tax breaks) — including popular things such as the higher education tuition and fees deduction, and itemized claims for state and local sales taxes and private mortgage insurance payments — will be renewed after December 31, 2014. Lawmakers are expected to consider, or extend (hence the laws’ collective name) after the November 4th election.
Some tax moves will take a little planning. Others are very easy to accomplish. But all are worth checking out to see if they can reduce your tax bill.
Here are some year-end tax moves to make before New Year’s Day:
- Defer your income
- Add to your 401(k)
- Review your FSA amounts
- Harvest tax losses