While it’s tempting to slip into an eggnog stupor from Christmas Eve to New Year’s Day, there are five items we should all check off of our to-do lists before the ball drops on 2014…
Review your loss carry forward numbers. If you have any capital loss carry forward from previous years, now is a good time to take some profits. You can take your gains and offset them against your carry forward, plus $3,000. Who knows when our desperate government will still demand its share of our gains via taxes but leave us alone to cover our losses? Offset those carry forward losses and take some profits where it makes sense to do so.
Maximize your 401(k) and IRA contributions. If you’re over 50, don’t forget the catch-up contribution. You can contribute $17,500 per year to a 401(k), plus an additional catch-up contribution of $5,500. If you have an IRA, you can contribute $5,500, plus a catch-up contribution of $1,000. Check with your CPA for the details specific to you. (more)
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