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Health & Fitness

Final Thoughts and Strategies for 2013

Happy New Year! It’s the start of a new year for all of us in many respects, one of which is taxes. Before you start planning for 2014, don’t forget to tie up loose ends with regard to 2013:

1) Estimated payments for 2013.

If you are making estimated payments, your fourth and final payment for 2013 is due on January 15th. You can make your payment by mailing a check with form 1040-ES or by visiting www.eftps.gov to pay electronically. If you haven’t done so already, you’ll have to establish an account to use the website. It is well worth the effort to create your account; the website is easy to use and you can even schedule payments in advance for an entire year.

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2) Tax Reduction Opportunities for 2013

Most opportunities to lower taxes for 2013 are behind us because the year is over. However, you can still lower your taxes for 2013 by making a retirement contribution. If you qualify for a traditional IRA, you have until April 15th to make a contribution and reduce your taxable income for 2013. A single taxpayer can contribute up to $5,500 ($6,500 if you are age 50 or older). Married couples can potentially double these amounts by contributing to IRAs for both parties. Remember, April 15th is the last date, even if you are on extension. The rules for deducting IRA contributions are complex, so be sure to review them before contributing. If you are self-employed and have a SEP, you can also contribute until the later of April 15th, or the date you file your taxes if you are on extension.

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In upcoming posts, I will talk about favorable tax provisions that are scheduled to expire as of 12/31/2013 unless congress acts to extend them. You should know if you are in danger of losing provisions that helped you lower your taxes in 2013 and previous years. In addition, I’ll focus on 2014 – discussing general planning strategies as well as timely issues that will invariably arise from time to time.

Please post a comment if you have any general questions and I will be happy to respond. I can also be reached at lencarusi@gmail.com or (203) 807-3263 if you have any specific issues you would like to discuss. 

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