Mid Year Tax Planning Moves

1.  Finish your 2014 return.  If you received an extension of time to file back in April, finish up your 2014 tax return now.

2.  Adjust your income tax withholding.  Did you receive a large refund?  Are your circumstances the same this year?  Then you may want to adjust your withholding to avoid a large refund at the end of the year.

3.  Look at estimated taxes.  Estimated tax payments are required if you receive income that is not subject to withholding.

4.  Contribute to your retirement plan.  The sooner you contribute to your IRA, the sooner the account starts earning money.  Also, don't forget your employer retirement accounts.

5.  Plan for 3.8 percent investment tax

 

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