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Year End Tax Savings Checklist
Simple Steps to Save You Money

As the year comes to a close, so too does your ability to lower your taxes for 2014. A little planning now can save you time and money later.

Charitable Contributions: Give before the end of the year and reduce your income taxes. Review your gifts to date to ensure you have given to the causes important to you and in the amounts you intend. Now is also a good time to make sure you have proper receipts and documentation. Remember, gifts must be postmarked or processed online by December 31, 2014 to count for this tax year.

Some year-end gifts require careful planning and timing. If you’re thinking about giving appreciated assets, such as stock or real estate, or making an annuity gift for 2014, please contact our offices now to ensure there is enough time to meet the year-end deadline

Flexible Spending Accounts: If you have contributed to a Flexible Spending Account, make sure you have used all the money in the account. Now might be the time to get that eye exam or other medical procedure you have been delaying.

Charitable Life Income Plans
If you have low-yielding assets and are seeking higher income, a charitable life income gift such as a charitable gift annuity or charitable remainder trustmay be worth exploring. In exchange for your charitable gift of cash or appreciated securities to create the annuity or trust, you reap multiple benefits:

Mortgage Interest: You can pay your January mortgage payment early and add to your mortgage deduction this year. Just check with a financial professional on how to do this, especially since the number you report might differ from what your lender sends on Form 1098.

State and Local Taxes: Also ask a financial professional what state and local taxes may be paid in 2014 that will reduce your federal income taxes for the same year. Alternatively, if delaying payment may help you, determine the best strategy.

Income Tax Withholding: After calculating your taxes for 2014, work with an accountant to see if you should adjust the withholding on your employer’s W-2 Form.

Stay Up-to-Date: Check our website and subscribe to our newsletter, which will give you additional tips and ideas, especially if Congress passes new laws at the end of the year that will affect your taxes.

For more information about giving strategies that will lower your taxes and also provide an income, please contact Carolyn Lowery, Director of Gift Planning, at (210) 458-4154.

Credit: Crescendo Interactive.


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