TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Saturday, November 8, 2014

WSJ: Steps to Take by Dec. 31 to Cut Your 2014 Tax Bill

WSJ ChartWall Street Journal Tax Report:  Act Now to Lower Your 2014 Taxes; Many Tax-Saving Strategies Require Action by Year-End, by Laura Saunders:

If you want to lower your 2014 income taxes, you need to act now to limit Uncle Sam’s reach next April.

The number of tax-cutting opportunities shrinks significantly after Dec. 31. Too often taxpayers let this deadline slip, says Ellen Minkow, an accountant at the firm MS 1040 in New York. She often finds herself asking clients, “Where were you in November?”  ...

Here are key areas to focus on before year-end.

  • Adjusted gross income
  • Investment gains and losses
  • Charitable giving
  • Alternative minimum tax
  • Medical costs
  • Health insurance
  • Tax-free gifts for education or other purposes
  • Tax-preparation costs

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