Last Minute Tips For Lower Taxes

-


Tax day is just around the corner. For some this can be a fun time of year when you get mailed a check, but for many, it's a stressful time that involves paying (sometimes substantially) into the government. While it may be too late to lower to tax bill for last year by selling stocks, donating to charities, or use many other deductions, there are still a few ways left for you to hang onto your hard earned money.

Rather than giving your money to Uncle Sam, you can invest in yourself this spring by doing one of these three things:

  • IRA Contributions (traditional, not Roth)
    • Must have been opened in 2014
    • Must be younger than 70.5
    • Claim Traditional IRA Contribution
      • Can be done before contribution is made, but the contribution must be in place by the tax return due date (April 18 this year).
  • Self-Employed 401(k) Contributions
    • Must have been opened in 2014
    • Must be younger than 70.5
  • HSA Contributions (Health Savings Account)
    • Must have been opened in 2014
    • Must be younger than 70.5
While you're still spending money choosing one of these options, isn't it better to be putting money towards your retirement and health?

A few other things to consider with your taxes this year. While tax day falls on April 15, this year they are not due until Monday April 18. This is due to Emancipation Day (April 16) falling on a Saturday, meaning it will be celebrated on the 15 and offices will be closed. So while you should already be glad slavery was ended, this can be another small perk of 3 extra days to file this year.

If the date is still coming up too fast despite having the extra time, make sure you file for an extension. This can be done using FORM 4868 and can give you up to 6 months extra for filing. You will still be penalized for paying late at a rate of 0.5%/month. If you don't file an extension you will be penalized at a rate of 5%/month. So don't forget that step as it can be a costly one. Hopefully you've planned ahead though and can pay your taxes on time saving you any interest payments.

Finally, in case you haven't filed yet here are some options:
If none of those options work, buy a tax program or RUN to your nearest tax preparer to get things done on time.

Comments

Post a Comment

Popular posts from this blog

Thrifty Crafter: Natural Egg Dyes

-
Image
Spring has sprung and Easter is around the corner! Such a fun time, filled with bright colors, candy, family, and more. It can also be a scary food time -- candy filled with corn syrup and other artificial ingredients, eggs dyed with petroleum products, and thousands of empty calories to name a few issues. I can't stop you from overindulging on your ham dinner, but I can help out reducing some of the artificial ingredients you're putting at your table this year. Colored Easter eggs have long been a staple at Easter time, whether you hide them for a Easter Egg hunt or put them out as decoration. Coloring Easter eggs is also just plain fun! That is until you start looking at what is in that dye you are using. Yellow 5, Red 40, blue 2.... Does that sound like something your body can digest well? If you dig a bit deeper you find that these colors are actually petroleum based and are known carcinogens. Yet we use these on food we are feeding our families. This year you can
Read more

Removing Lipstick Stain After Drying Clothes

-
Image
We've all been there. You're pulling out a freshly dried load of laundry when you find that empty chapstick or lipstick. You're devastated that a whole load of clothes is potentially ruined. Fret no more. While this method of stain removal is not fail-proof, it does give you the opportunity to save your favorite khakis or blouse from even the worst of stains. This potentially saves you hundreds of dollars versus buying a new wardrobe to replace that which has been stained and saves you from taking your clothes to a professional. What You'll Need: Old Toothbrush Dish Soap Stain Remover Elbow Grease Begin by putting dish soap on each of the stains (grease spots).  Use the toothbrush to work the dish soap into the fabric on each spot. Soak your clothes overnight in hot water. Hot water helps to release the grease. Finally, spray your clothes with your favorite stain remover before throwing in the washing machine and runnin
Read more

Simple Slow Cooker Broccoli Rice Casserole

-
Image
Colder weather has arrived as have an abundance of school and work activities. The extra to-dos that come with fall make cooking a healthy and still budget meal much more challenging. Enter the crock pot or slow cooker. Slow cook meals can be both a time and wallet saver, not to mention the benefit of having home cooked meals most nights. Slow cookers allow you to set and forget and can work around everyone in the family's schedules. Scroll to the bottom for a printable recipe. What you'll need 1.5 Cup Rice 6 Cup Broccoli (Chopped) 1 Medium Onion 1 Can Cream Soup (Mushroom, Chicken, Celery, Your choice) 1.5 Cup Milk 3 Tbsp Margarine 3 Cups + soup can Water 1/2 Cup Shredded Cheese (your choice of flavor - cheddar, colby jack, mozzarella) 6 Qt Slow Cooker Start by combining the ingredients except the shredded cheese in a 6 qt slow cooker. Cook on high for 3-4 hours.  Add cheese and continue cooking until melted.  Printable to lette
Read more