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Tips on Getting Finances in Shape for 2014

Make it a New Year's Resolution and get your finances in order for 2014.
MIDLAND -- Make it a New Year's Resolution and get your finances in order for 2014. Tax season is just around the corner & there are a lot of things to consider to make sure you are right with your money.

Bill Dendy is a CPA/tax attorney/money manager who has an office in Midland and has the following quick tips for managing your fiances:


Planning for the year:
· Look into Roth Conversions
· Charitable contributions
· Retirement Planning
· Investment Management
· Organizing your Records
· Determine ahead if you need help


What to do now

· Not too late to make contributions to IRA's which may be deductible
· Not too late for self employed to consider a SEP: You should see this tax change in your withholding immediately,though the IRS is giving employers the option of waiting until Feb. 15, 2013, to implement the new withholding (with appropriate adjustments to reflect amounts that should have been withheld from earlier paychecks).1 To get ready, you may want to look for places to cut costs in your budget so you can absorb the additional tax expense.
· Gather cost basis information and determine cost basis lots
· Final Estimated tax payment due in January, avoid underpayment penalty
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