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)
Please share this article
No comments:
Post a Comment