Host Brian Kohute from HJ Wealth Management and Jane Scaccetti, CEO from Drucker & Scaccetti have put together a Special Show to help you reduce your 2014 Tax Liability. Get valuable tips on how you can stay on top of the 2014 tax changes. Download a free copy of the Tax Warrior’s 2014-15 Year End Tax & Financial Planning Guide or visit them at www.TaxWarriors.com

 Show Notes

1. What are some things I should do now to reduce my 2014 tax liability?
   • Contribute more to your retirement accounts
   • Charitable gifts
   • Financial advisor — tax considerations
2. You brought up my retirement contributions
   • General IRA rules; Backdoor Roth
3. You also brought up charitable giving.  Is there anything else I should know about that?
   • Gifting appreciated property
   • Donor advised funds
   • QCDs from IRAs
4. My accountant talked to me about some new taxes last year….
   • NIIT – defer/speed up income
   • 0.9% Medicare tax; automatic W/H above 200k; high-earning couples watch out
5. I’ve heard a lot about the Affordable Care Act …
   • Health insurance at work = no problems
   • No health insurance = potential penalties, many exceptions, need to consult
6. I have moved, or am considering moving, to a state with no (or lower) income tax…
   • Filing requirement in state you left; facts and circumstances residency test in
     Florida – driver’s license, voter registration, location of employment, etc.
7. I was in AMT last year.  Is there anything I can do to minimize that exposure?
   • Top rate in AMT is 28% vs. 39.6% regular – small window of planning
8. Any advice for a business owner to reduce their taxes before the end of the year?
   • Tax extenders (bonus, 179, R&D); purchasing assets; repair regs; collections
9. There seems to be a lot of news about LBGT issues.  What are the tax issues there?
   • File married (joint/sep.) for Fed; state taxes based on residency, not where married
10. Anything I should be concerned about regarding my vacation home?
    • Rent 14 days or fewer – no taxable income; good records
11. I have a few large mortgages – I can deduct all the interest, right?
    • First 1m and 100k HELOC; excess consider investment int. expense
12. I think I’m all set for 2014 now.  What should I be looking for as I start the new year?
    • Plan cash flow; organize records; tax + investment planning; proactive estate planning

Listen to Show

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