Tax time (15th April) is still a few months, but it will roll around before you know it. And while it may seem early to talk about tax is there ever a bad time to save money?
Did you know that the smart planning at the beginning of the year (aka NOW!) Can lead you to pay Uncle Sam less, come April? Well, it's true. Just follow these tips:
Save now looking forward
Contributing to retirement and savings plans early and often. Plans such as 401 (k), an IRA and a 403 (b) permit not only a pot with tax-deferred earnings that multiply over the years, but these options also reduce the amount of taxable income for 'current year. The deadline to invest in workplace retirement programs is December 31, but if you missed the deadline for 2014, you can still contribute to a traditional IRA until April 15, 2015.
Give and get back
charitable donations are tax exempt, so be sure to collect all receipts of donations from 2014. this way you have evidence to support you do not pay taxes on charitable donations you made during the previous year.
Make sure you are covered
I speak not only of the life insurance here. The Affordable Care Act (Obamacare) means that you pay a tax penalty every month you do not have the minimum health insurance coverage required by law. And your life insurance The policy can also provide tax benefits, because if you have a policy with a rider of cash value, any growth in the value of cash is tax-deferred. Even if you take a loan against your policy, the loan amount is tax free. Finally, and perhaps most importantly, your beneficiaries will generally not pay federal income taxes on death benefits, if payment is $ 10,000 or $ 10 million.
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