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Tax planning is important. There is still time to take care of your finances in 2014 while you are enjoying the holidays. Today I share with you insight from Marvin Appel CEO of Signalert Asset Management that could potentially reduce your tax bills.

Here Are Some Steps You Should Consider:

• If you are older than 70 1/2 then you are required to take distributions from traditional IRAs (including rollovers) and other retirement plans. Federal regulations determine the minimum amount you must take out in total, although you do not necessarily need to take a distribution from each IRA account. This must be done before December 31, 2014. You are not required to take a distribution from a Roth IRA regardless of your age, except for Roth IRA accounts you inherited. If you prefer, we can calculate for you the amount you are required to take from your IRAs.

• Think about tax planning with your investments. In particular, before selling an investment now, compare the tax benefits and the potential risks of holding into 2015.

• Make gifts to children and grandchildren to reduce estate taxes. You can give each loved one $14,000 in 2014 without the obligation to file a gift tax return, reducing the ultimate burden of estate taxes. (Federal estate taxes apply only to balances over $5.34 million for each spouse, but some states like New York have lower thresholds).

• Consider timing charitable contributions for your best advantage: If you think your tax bracket will be higher in 2015 then hold off until January. Conversely, if you think your tax rate will be higher in 2014 then you should advance scheduled 2015 contributions to this year.

• Pay your estimated state income taxes or any local taxes (if you owe any) before December 31 in order to get the deduction on your 2014 return.

• Convert your traditional IRAs into Roth IRAs if you are in a lower tax bracket this year than you expect to be in the future, if you don’t need IRA distributions to meet living expenses, and if you have extra cash with which to pay the resulting tax bill.

• Take the time today to review your financial plan and see if you can take advantage of a tax benefit before the end of the year.

 If you need some assistance or have any questions call Bonnie at 516-829-6444 or E mail me at Bgortler@Signalert.com.

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Although the information is made with a sincere effort for accuracy, it is not guaranteed either in any form that the above information is a statement of fact, of opinion, or the result of following any of the recommendations made herein. Readers are encouraged to meet with their own advisors to consider the suitability of investments discussed above for their own particular situations and for determination of their own risk levels.

Bonnie Gortler
Bonnie Gortler
Bonnie Gortler, the Inspired Wealth & Well-Being Coach, is a successful stock market expert who has been instrumental in managing multi-million dollar client portfolios within a top rated investment firm during her over 30 year corporate career. As the author of "Journey to Wealth", Bonnie has made it her mission to share the importance of risk management and how to enjoy true financial well-being by applying the technical and mental sides of investing. Bonnie has a M.B.A. in Business Administration and is a certified life coach. She is a huge sports fan who believes in healthy eating and has an unyielding passion for fitness. It is through her love of social media, blogging, coaching that she is able to create change in the lives of many and inspire people from around the world.

Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights surrounding investing, healthy eating, personal development and inspiration through her writings on Wealth and Well-Being. Live the healthy, wealthy lifestyle you desire.


~ Connect via LinkedInTwitterPinterest & Facebook
~ Choose your very own FREE down-loadable gift by visiting Bonnie's Offers
~ Subscribe to BonnieGortler.com
~ Order your copy of "Journey to Wealth" today!


Like this post? Feel free to use it in your blog or ezine as long as you use the above signature in its entirety.

 
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Bonnie Gortler

Bonnie Gortler, the Inspired Wealth & Well-Being Coach, is a successful stock market expert who has been instrumental in managing multi-million dollar client portfolios within a top rated investment firm during her over 30 year corporate career. As the author of "Journey to Wealth", Bonnie has made it her mission to share the importance of risk management and how to enjoy true financial well-being by applying the technical and mental sides of investing. Bonnie has a M.B.A. in Business Administration and is a certified life coach. She is a huge sports fan who believes in healthy eating and has an unyielding passion for fitness. It is through her love of social media, blogging, coaching that she is able to create change in the lives of many and inspire people from around the world. Bonnie is fully committed to your personal growth and development as she shares her winning spirit and powerful techniques with you. Visit BonnieGortler.com to gain tips and insights surrounding investing, healthy eating, personal development and inspiration through her writings on Wealth and Well-Being. Live the healthy, wealthy lifestyle you desire. ~ Connect via LinkedInTwitterPinterest & Facebook~ Choose your very own FREE down-loadable gift by visiting Bonnie's Offers~ Subscribe to BonnieGortler.com~ Order your copy of "Journey to Wealth" today! Like this post? Feel free to use it in your blog or ezine as long as you use the above signature in its entirety.