It's Not Too Late to Save on Your 2013 Taxes
Cathy Ralston and Mick Pryor, Certified Public Accountants with Daniel Professional Group in Winston-Salem, have some suggestions for additional ways to reduce your tax liability. Ralston says consider 'bunching' your spending on deductible expenses that are based on when you spend the money.
- Make an additional mortgage payment so your investment interest deduction will be higher.
- Pay tuition for yourself - or your child if they're at college - so you can take advantage of education credits.
- Teachers can also take advantage of the educational adjustment by spending up to $250 on supplies before the end of the year.
- People who are 70-and-a-half or older should remember take the required minimum distribution from their IRA.
Daniel Professional Group has other year-end financial information, as well as links to state and federal tax forms and FAQs on their website.