Posts Tagged ‘winning income tax strategies’

Organizing Your Tax Information

Friday, January 31, 2014 posted by Martin
Engraved Motivational Stones

Engraved Inspirational Stones

Soon, you will be filing your tax returns for 2013.  If you are well organized, you probably won’t have many problems.  However, if you are like many of us, the tax season can be very taxing.  In as much as it is still January, here are some thoughts to make things easier in 2015.

Buy a label maker and an expandable file or a plastic file box at an office supply store.  Both are tax deductible as miscellaneous deductions. Check with your tax preparer to find out which filing categories are right for you.   If you prefer a scanner, scan documents as PDF files to make sure that they are available years from now. They should include tax payments of all kinds every deduction type used for 2013 and every income type.  Everyone is unique, so your titles will differ.  Until you actually file your documents, keep them in a shoe box.  Deal with them at least twice a month to avoid buildup.  Then reward yourself with a good luck stone.  You earned it.

Did you like this? Share it:
Comments Off on Organizing Your Tax Information

Reduce Your Income Taxes

Wednesday, May 15, 2013 posted by Martin
Engraved Motivational Stones

Engraved Motivational Stones

It is getting tougher to reduce the federal income tax bite as deductions become worth less when your income rises.  Here are four widely accepted ideas,  you should keep  in mind as you develop your plans.  They are as solid as engraved rocks.

  • Consider laddered tax deferred income sources. The term of these investments should  depend on your age and financial situation.  Speak with a professional about what is right for you.  Be cautious.  Watch out for investments with high front loaded fees.  Look for no loads or small fees.
  • If your employer offers a 401K  with a matching plan, it is foolish not to take advantage of it.  Invest as much as you can afford.
  • Consider a Roth IRA.  All of the profits on this investment can be tax free under the Roth rules.  However, you invest in a Roth using after tax dollars.
  • Open a flexible spending account if it is offered by your employer.  Suppose you put $100 per month in an FSA.  That is $1,200 per year that is not taxed.  The $1,200 can be used for any valid medical purpose including co-pays and non-covered medical expenses such as eyeglasses.
Did you like this? Share it: