Strategies for Saving.

Every year brings with it new opportunities to make tax -savvy financial moves. Planning ahead now will make next April 15 a little more pleasant. These strategies are suggestions: You should consult with a tax advisor to choose the best plan of action for your personal situation. 

• Retire some income.
Open a Keogh Plan this year if you're self-employed, or maximize your contributions to your employer's 401(k) plan. Your contributions are tax-deferred, and will therefore help lower your gross taxable income.
• Inspect your investments.
Keep a close eye on your portfolio and consider unloading any poor performers. You can then use your losses to offset other capital gains, and possibly some other taxable income.
• Plan to contribute to a charity regularly this year.
Consider transferring stocks, bonds or other property that would be subject to the capital gains tax if you sold it. By transferring it, you can deduct the appreciated value read more...read more...