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Tax Planning 101
Posted On: December 5, 2014 -


Undoubtedly you have been reading about tax ideas to reduce
your 2014 tax burden. Some of these ideas are time sensitive such that you need
to act before December 31. Just a few ideas and this is not a comprehensive
list. The first item is “tax loss selling” such that the settlement of the
investment transaction occurs before December 31. With holidays around
Christmas this date is rapidly approaching. You need to talk to your investment
advisor regarding the advisability of making these investment decisions. Once
you have disposed of an investment you cannot buy it back for 30 days or the
strategy of claiming a loss is defeated. The “stop loss” rules can become quite
complicated in a series of transactions and contacting us would be a good idea.
The second item is charitable donations. Make these before December 31 and you
should get a receipt that indicates that it was a 2014 donation even though the
receipt may be dated in 2015. Finally, contributions to a Registered Education
Savings Plan need to be made before year end to qualify for the rebates for
this year. All in all, tax planning should be a year round exercise but don’t
miss the deadlines or you will have to wait another year to realize the tax
savings. Call us if you have any questions..


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