CONSIDER A DISCIPLINED INVESTMENT STRATEGY

In today's rabbit-fast world, it pays to remember that the tortoise won the race. For investors, dollar-cost averaging - a slow and steady investment plan - can be a winning strategy.

TIPS ON HOW TO SAVE MORE FOR RETIREMENT

Need to save more for retirement? Saving money doesn't have to be hard work. In fact, many successful savers have found simple ways to cut spending and increase their savings.

HEALTH INSURANCE CREDIT INCREASES FOR 2014

You may not have taken the health insurance premium credit for your small business in past years. (It's been available since 2010.) But you might want to consider taking it this year. For 2014, the credit increases from 35% to 50%. When you qualify, you can use the credit to offset your income tax liability by up to 50% of the cost of the health insurance premiums you pay for your employees. 

For details on eligibility requirements, contact our office at (518) 798-3330.

 

NEW LIMIT ON IRA ROLLOVERS

For years, the IRS interpreted the IRA rules to allow taxpayers to do one rollover per year in each IRA he or she owned. In doing a rollover, the taxpayer is not taxed on the funds taken from the IRA so long as the funds are redeposited into an IRA within 60 days of the withdrawal. 

A recent court ruling stated that the rollover limit should be applied on an aggregate basis, meaning that only one rollover per year is allowed for all IRAs owned by the taxpayer, not one for each. The change becomes effective January 1, 2015. 

Contact us at (518) 798-3330 for assistance before planning any IRA rollover to be sure you don't end up with a tax surprise.

HAVE YOU CHECKED YOUR WITHHOLDING LATELY?

Did you receive a large tax refund or owe a large balance due on your 2013 income tax filing? If so, it may be time for you to check your withholding. Changing your withholding is as simple as filing a new Form W-4 with your employer. 

The smart taxpayer will calculate withholding to be as close to the actual amount 2014 tax liability will end up being. That will prevent you from being penalized for underpayment and from giving the IRS interest-free use of your money for a year. 

 Keep these general rules in mind. You won't face an underpayment penalty if you pay for 2014, through withholding or quarterly estimated payments, at least 100% of your 2013 tax liability (110% if your adjusted gross income for 2013 is over $150,000), or if you pay at least 90% of what you'll owe for 2014.