4 Money Maneuvers for 2015

2014 is not over, at least in tax-terms and most taxpayers are not as prepared as they’d like to be in order to take advantage of all the tax savings available.  Why not include being prepared for the 2015 tax season a financial priority starting now!  You can get ahead by doing some or all of these 4 things:

Make a Roth IRA contribution sooner than later.  Don’t wait for the tax deadline to contribute.  While it doesn’t seem like a substantial amount in the short term, contributing in January rather than December adds a full year of tax free growth.  Over many years, that can translate into thousands of dollars.

Donate to your favorite charities with your appreciated securities.  Those who invest consistently in most cases have stocks or property that have increased in value, consider donating them and that way neither party has to pay capital gains taxes on the amount.  If a charity only accepts cash donations, a donor advised fund can provide the same tax benefits, and you can recommend grants from the fund periodically.

Remember your Flexible Spending Account throughout the year.  If you are frantically trying to spend the rest of your FSA at the end of this year, do some accounting for 2015 and contribute a little less, perhaps.  Also, get organized by saving all of your applicable receipts and keep them in one place.  These funds can be wasted if claims or receipts are submitted in a timely fashion. Ask your health care director what qualifies for reimbursement. 

Plan your deductions at the beginning of the year.  Pay your property taxes in advance, or gain deductions by paying your January mortgage payment in December.  These are financial maneuvers are usually unavailable at the last minute to save on taxes, but if you plan ahead now, you can increase your return even more in the long run.  Just an extra excuse to save!

With a little initiative, you can increase your return for the 2015 tax year by starting to think about them now!  Add these tips into your new years resolutions, stay organized and take advantage of all the breaks and benefits available to you for the upcoming year.