Tax time is here again, and there are things to think about to make sure you don't pay more than you should.
Joshua S. Levine from Telemus Partners offers these key tips:
Make sure to max out 2013 IRA retirement account contributions: $5,500 regular with $1,000 catch up provision for those over 50 years old
Be aware of investment companies issuing revised 1099 tax statements.
Filing an extension does not relieve you from paying your tax liability. Even if you file your extension by 4/15/2014, your tax bill is still due at that time
Make sure your 2014 retirement elections are set to optimum level ($17,500 with $5,500 catch up for those over 50).
- If there is a company match, make sure to contribute up to that level at a minimum
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