2013 Year End Tax Tips

2013 Year End Tax Tips

Now is the time to consider these 2013 year end tax tips. Consult your tax advisor to see what is best for your situation.

  1. IRA Contributions: You may want to maximize contributions  to year end tax tipsyour retirement savings.  Contributions to your IRAs, 401(k)s, TSAs, and other plans will not only reduce your tax liability now but will help to ensure you are on the right path to a comfortable retirement.   Depending on your tax bracket and retirement goals it might be advantageous as well to contribute to a Roth IRA.  Always consult an investment advisor or tax professional to see what program is best for you.
  2. Capital Gains and Capital Loss Review: Discuss with your advisor any year-end capital gains and/or capital losses.  You may be able to use these gains or losses in your favor this year. Depending on your situation your advisor may also suggest holding off until next year before utilizing some or all of your losses.  Keep in mind these have to be “realized” gains and losses meaning you actually sold the asset.
  3. Charitable Donations: For those of you who plan on donating to charity make sure you do it strategically.  Depending on where your income falls you may be able to donate enough to keep yourself under a particular marginal tax bracket.  For example, if you were planning on donating $500 to your favorite charity review your tax return first.  It may turn out that by donating an additional $100 or $200 will keep you out of the next higher tax bracket while helping your favorite charity even further.
  4. Advisors: Tax planning can be complicated. Make sure you consult with your investment advisor and tax professional to ensure you are utilizing the best tax reduction strategies available. Circumstances often change that may allow you to take advantage of tax savings opportunities that where not there the year before.

For more information on 2013 year end tax tips in Corona, please visit our website at www.SafeguardInvestment.com.



Author Ricky Rivera is an Investment Advisor Representative of Safeguard Investment Advisory Group, LLC.

THIS WEBSITE IS OPERATED AND MAINTAINED BY SAFEGUARD INVESTMENT ADVISORY GROUP, LLC., A REGISTERED INVESTMENT ADVISOR. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SECURITIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISOR AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HERE.

 

 

 

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