It is almost June 30th which means we are about half way through 2014. It is not too late or too early to do some tax planning to manage your tax liability.
Common strategies/suggestions for lowering your tax liability include:
- Income deferral (hold off on selling those stocks until 2015)
- Deduction acceleration (paying your winter tax bill early)
- Increasing your 401(k) deferral percentage
- Establishing an HSA with a high deductible health insurance plan
Additionally, this article from BusinessWest.com has some great ideas/suggestions… if you would like to discuss any of them with me and find out how they might apply to you, please contact my office.