5 Tax Tips to Know for 2014

 2014 is a great year for change. We’re not talking about your waistline or your grocery budget – we’re talking about your taxes. Start now to save yourself a headache and a potential tax nightmare at the end of the year.

Get organized – A new year is a great time to start fresh on your finances. Start a tax file to keep track of all of your yearly finances. A simple manila folder is all you need. For those techies, there are a myriad of apps out there as well to help keep your finances organized. Place this folder next to where you collect your mail and be sure to stash all of your W2s, 1099s, and other year-end tax records.File quickly – Expecting a refund this year? File sooner. If you know you have money coming your way from a tax refund, as soon as you have all of your information get your taxes filed. The quicker you do that, the quicker your refund will be in your hands.

Take advantage of contribution– Just because 2013 is over, doesn’t mean you can’t still contribute to tax-advantaged savings accounts from your bank. Did you know that you up until the time you file your taxes to contribute money to an IRA?  Money contributed to a Traditional IRA is deductible from your income and may reduce your 2013 tax burden.

 Take time to review your documents – A new year may mean new changes in your life. Take time to review your W-4 to ensure it matches your current situation. Life events, such as marriage or additional dependents can have a great impact on your taxes.

Plan ahead for the end of the year – Set a calendar reminder for the last quarter of 2014 to start planning for taxes.  Give yourself enough time to prepare your taxes to ensure there are no mistakes.

Have questions about your taxes? Contact one of our specialists today to get all of your questions answered by experts who care.