Guest Post: Marvin Appel Tax Tips to Consider for December 2014

Tax planning is important. There is still time to take care of your finances in 2014 while you are enjoying the holidays. Today I share with you insight from Marvin Appel CEO of Signalert Asset Management that could potentially reduce your tax bills.

Here Are Some Steps You Should Consider:

• If you are older than 70 1/2 then you are required to take distributions from traditional IRAs (including rollovers) and other retirement plans. Federal regulations determine the minimum amount you must take out in total, although you do not necessarily need to take a distribution from each IRA account. This must be done before December 31, 2014. You are not required to take a distribution from a Roth IRA regardless of your age, except for Roth IRA accounts you inherited. If you prefer, we can calculate for you the amount you are required to take from your IRAs.

• Think about tax planning with your investments. In particular, before selling an investment now, compare the tax benefits and the potential risks of holding into 2015.

• Make gifts to children and grandchildren to reduce estate taxes. You can give each loved one $14,000 in 2014 without the obligation to file a gift tax return, reducing the ultimate burden of estate taxes. (Federal estate taxes apply only to balances over $5.34 million for each spouse, but some states like New York have lower thresholds).

• Consider timing charitable contributions for your best advantage: If you think your tax bracket will be higher in 2015 then hold off until January. Conversely, if you think your tax rate will be higher in 2014 then you should advance scheduled 2015 contributions to this year.

• Pay your estimated state income taxes or any local taxes (if you owe any) before December 31 in order to get the deduction on your 2014 return.

• Convert your traditional IRAs into Roth IRAs if you are in a lower tax bracket this year than you expect to be in the future, if you don’t need IRA distributions to meet living expenses, and if you have extra cash with which to pay the resulting tax bill.

• Take the time today to review your financial plan and see if you can take advantage of a tax benefit before the end of the year.

 If you need some assistance or have any questions call Bonnie at 516-829-6444 or E mail me at Bgortler@Signalert.com.

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Although the information is made with a sincere effort for accuracy, it is not guaranteed either in any form that the above information is a statement of fact, of opinion, or the result of following any of the recommendations made herein. Readers are encouraged to meet with their own advisors to consider the suitability of investments discussed above for their own particular situations and for determination of their own risk levels.

Bonnie S. Gortler

Bonnie Gortler, a Consultant, Coach, and Author, is a Wealth & Well-Being expert with over 35 years of experience in managing multi-million-dollar client portfolios at a top-rated investment firm. As the author of Journey to Wealth, Bonnie is dedicated to teaching the importance of risk management and achieving true financial well-being by integrating both the technical and mental aspects of investing. With an M.B.A. and certification as a life coach, Bonnie combines her passion for coaching, consulting, and blogging to inspire people globally. Her powerful techniques and winning mindset help others experience personal growth and financial success. Explore wealth-building tips, personal development strategies, and more at BonnieGortler.com, and discover how you can enhance your wealth and well-being.  


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