The Year-End Tax Tips to Help You Save

Three Year-End Tax Tips to Help You Save

Although the year is almost half way, you still have time to take steps that can lower your 2014 taxes. Now is a good time to prepare for the upcoming tax filing season. Taking these steps can help you save time and tax dollars. They can also help you save for retirement. Here are three year-end tips from the IRS for you to consider:

  1. Start a filing system. If you don’t have a filing system for your tax records, you should start one. It can be as simple as saving receipts in a shoebox, or more complex like creating folders or spreadsheets. It’s always a good idea to save tax-related receipts and records. Keeping good records now will save time and help you file a complete and accurate tax return next year.
  2. Make Charitable Contributions. If you plan to give to charity, consider donating before the year ends. That way you can claim your contribution as an itemized deduction for 2014. This includes donations you charge to a credit card by Dec. 31, even if you don’t pay the bill until 2015. A gift by check also counts for 2014 as long as you mail it in December. Remember that you must give to a qualified charity to claim a tax deduction. Use the IRS Select Check tool at IRS.gov to see if an organization is qualified.Make sure to save your receipts. You must have a written record for all donations of money in order to claim a deduction. Special rules apply to several types of property, including clothing or household items, cars and boats. For more about these rules see Publication 526, Charitable Contributions.If you are age 70½ or over, the qualified charitable distribution allows you to make tax-free transfers from your IRAs to charity. You can give up to $100,000 per year from your IRA to an eligible charity, and exclude the amount from gross income. You can use the excluded amount to satisfy any required minimum distributions that you must otherwise receive from your IRAs in 2014. This benefit is available even if you do not itemize deductions. This special provision is set to expire at the end of 2014. See Publication 590, Individual Retirement Arrangements (IRAs), for more information.
  3. Contribute to Retirement Accounts. You need to contribute to your 401(k) or similar retirement plan by Dec. 31 to count for 2014. On the other hand, you have until April 15, 2015, to set up a new IRA or add money to an existing IRA and still have it count for 2014.The Saver’s Credit, also known as the Retirement Savings Contribution Credit, helps low- and moderate-income workers in two ways. It helps people save for retirement and earn a special tax credit. Eligible workers who contribute to IRAs, 401(k)s or similar workplace retirement plans can get a tax credit on their federal tax return. The maximum credit is up to $1,000, $2,000 for married couples. Other deductions and credits may reduce or eliminate the amount you can claim.
This entry was posted in Uncategorized. Bookmark the permalink.

37 responses to “The Year-End Tax Tips to Help You Save”

  1. I just added this website to my rss reader, excellent stuff. Cannot get enough!

  2. Please let me know if you’re looking for a article writer for your weblog. You have some really great articles and I believe I would be a good asset. If you ever want to take some of the load off, I’d absolutely love to write some articles for your blog in exchange for a link back to mine. Please blast me an email if interested. Cheers!

  3. I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back later on. Many thanks

  4. The core of your writing while sounding reasonable at first, did not really settle well with me after some time. Someplace throughout the sentences you were able to make me a believer unfortunately just for a short while. I nevertheless have got a problem with your jumps in assumptions and you might do well to fill in those breaks. When you can accomplish that, I will undoubtedly be fascinated.

  5. Damion Koors says:

    With every thing which seems to be developing throughout this particular subject matter, all your opinions are fairly stimulating. Even so, I appologize, but I do not give credence to your entire theory, all be it exhilarating none the less. It appears to everyone that your commentary are not entirely validated and in fact you are yourself not fully convinced of your assertion. In any event I did enjoy reading it.

  6. It’s a shame you don’t have a donate button! I’d certainly donate to this outstanding blog! I guess for now i’ll settle for book-marking and adding your RSS feed to my Google account. I look forward to brand new updates and will share this blog with my Facebook group. Chat soon!

  7. Have you ever thought about publishing an ebook or guest authoring on other sites? I have a blog based upon on the same information you discuss and would love to have you share some stories/information. I know my subscribers would value your work. If you’re even remotely interested, feel free to shoot me an e-mail.

  8. Hi there! Someone in my Facebook group shared this website with us so I came to look it over. I’m definitely loving the information. I’m bookmarking and will be tweeting this to my followers! Wonderful blog and superb style and design.

  9. Does your website have a contact page? I’m having trouble locating it but, I’d like to send you an email. I’ve got some suggestions for your blog you might be interested in hearing. Either way, great site and I look forward to seeing it expand over time.

  10. I love your wp web template, where would you obtain it from?

  11. Robert Bure says:

    Hey would you mind stating which blog platform you’re working with? I’m looking to start my own blog soon but I’m having a hard time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something unique. P.S My apologies for being off-topic but I had to ask!

  12. Admiring the time and effort you put into your blog and in depth information you provide. It’s nice to come across a blog every once in a while that isn’t the same outdated rehashed material. Fantastic read! I’ve saved your site and I’m adding your RSS feeds to my Google account.

  13. Howdy! This post couldn’t be written any better! Reading this post reminds me of my old room mate! He always kept chatting about this. I will forward this write-up to him. Fairly certain he will have a good read. Thank you for sharing!

  14. MilanTDegnan says:

    I like what you guys are generally up too. This sort of clever
    work and coverage! Maintain the excellent works guys I’ve included you guys to blogroll.

    My web site: MilanTDegnan

  15. TannerGHakel says:

    I appreciate you finally writing about > The Year-End Tax Tips to Help You Save –
    Multi-Professional Consultants LLC (MPC) < Loved it!

    Here is my web-site … TannerGHakel

  16. Jamison Warn says:

    Have you ever thought about writing an e-book or guest authoring on other sites? I have a blog based upon on the same ideas you discuss and would really like to have you share some stories/information. I know my subscribers would enjoy your work. If you’re even remotely interested, feel free to send me an e-mail.

  17. OzieESudar says:

    Do you have any video of that? I’d love to find out more details.

    Here is my blog post: OzieESudar

  18. LidiaRStarns says:

    Nice blog here! Also your site loads up fast! What hosting company are you presently using?
    Can One get your affiliate hyperlink to your host? If only my website loaded as
    quickly as yours lol

    Feel free to surf to my web site … LidiaRStarns

  19. JameeQWeeden says:

    My brother recommended I would possibly like this web site.

    He was entirely right. This post actually made my day.

    You cann’t consider just how so much time I had spent for
    this information! Thanks!

    Also visit my site; JameeQWeeden

  20. DarceyKBonow says:

    It’s impressive that you will be getting thoughts
    with this paragraph along with from my discussion made here.

    my homepage :: DarceyKBonow

  21. Hey! This is kind of off topic but I need some guidance from an established blog. Is it very hard to set up your own blog? I’m not very techincal but I can figure things out pretty fast. I’m thinking about making my own but I’m not sure where to start. Do you have any points or suggestions? Cheers

  22. JudiIOwolabi says:

    It can be the best a chance to make a few plans for the
    long run and it really is time for you to be happy.

    I’ve read this publish and if I could I want to recommend you some
    attention-grabbing things or suggestions. Maybe
    you could write subsequent articles discussing this short article.
    I wish to learn more things about it!

    Stop by my blog :: JudiIOwolabi

  23. MadlynKCogan says:

    Hurrah! Eventually I got a site from where I be capable
    of really get helpful data concerning my study and knowledge.

    Also visit my blog: MadlynKCogan

  24. LesSGoulet says:

    Greetings from Idaho! I’m bored to death at work so I chosen to look at
    your blog in my iphone during lunch break.
    I like the info you provide here and can’t wait to have a look
    once i get home. I’m surprised at how quick your
    website loaded on my small phone .. I’m not really using WIFI, just 3G ..

    Anyways, great site!

    Check out my web site; LesSGoulet

  25. TyronUMorris says:

    Hello There. I discovered your weblog the use of msn. Which is a
    very smartly written article. I’ll make sure to bookmark it and keep coming back
    to read more of your useful info. Thanks for that post.
    I’ll definitely return.

    my web site: TyronUMorris

  26. ShelbyBPlutt says:

    I savor, lead to I discovered exactly what I used to be looking
    for. You have ended my 4 day long hunt! God Bless you man. Have a great day.
    Bye

    my blog: ShelbyBPlutt

  27. FabianFWiebe says:

    Pretty! This was a really wonderful article. Many thanks for supplying these details.

    Check out my web-site … FabianFWiebe

  28. MicahMBreeze says:

    I’ve read some good stuff here. Definitely price bookmarking for revisiting.
    I surprise how so much effort you put to create this
    sort of excellent informative web site.

    Feel free to surf to my web blog – MicahMBreeze

  29. TraceeHSaice says:

    Greetings! I’ve been following your weblog for a bit of time now and lastly got the courage to
    go ahead and give you a shout out from Porter Texas!

    Just planned to inform you keep up the good job!

    My blog post :: TraceeHSaice

  30. RubiSLucio says:

    This site certainly has all the info I wanted
    about this subject and didn’t know who to ask.

    my web-site: RubiSLucio

  31. TheronARecor says:

    I think that what you published made a bunch of sense.

    But, think about this, what if you added
    a little information? I ain’t saying your content isn’t good,
    but suppose you added a post title to possibly grab a person’s
    attention? I mean The Year-End Tax Tips to Help You Save – Multi-Professional Consultants LLC
    (MPC) is a little boring. You should glance at Yahoo’s home page and watch
    how they create article headlines to get people interested.
    You might try adding a video or a related pic or two to grab people interested
    about everything’ve written. In my opinion, it could bring your blog a little bit more interesting.

    Here is my site … TheronARecor

  32. ValrieELam says:

    Thank you, I’ve recently been searching for information about this
    topic for a while and yours is the best I’ve found out till now.
    However, what about the conclusion? Are you sure in regards to the
    source?

    My website: ValrieELam

  33. PeiDMichalke says:

    Pretty nice post. I really found your weblog and wanted to mention that
    I’ve really enjoyed browsing your blog posts.
    After all I’ll be subscribing to the rss feed and I i do
    hope you write again soon!

    Also visit my web-site PeiDMichalke

  34. ObduliaOErno says:

    Hi colleagues, its great article regarding teachingand fully explained,
    keep it up all the time.

    My site :: ObduliaOErno

  35. JeramyNDae says:

    I think the admin of this website is actually working hard for his website, as here every stuff is quality based information.

    My web site; JeramyNDae

  36. AlicaLWenske says:

    I really like your website.. very nice colors & theme. Did you make this web
    site yourself or have you employ someone to do it for you personally?

    Plz answer back as I’m seeking to design my own, personal blog and would want to know where u got this from.
    thanks

    Feel free to surf to my page; AlicaLWenske

  37. JoshuaIUrena says:

    I actually have been exploring for a bit for just about any high-quality articles or blog posts about this kind
    of house . Exploring in Yahoo I finally found this internet site.
    Reading this info So i’m glad to exhibit that I have an incredibly excellent
    uncanny feeling I came upon just things i needed.
    I most indisputably will make sure to don?t put from your mind this web site
    and offers it a peek on a continuing basis.

    my weblog; JoshuaIUrena

Leave a Reply

Your email address will not be published. Required fields are marked *