How can Long Islanders slash their 2014 tax liabilities now?
The end of the year is approaching fast. There are just a few weeks left for Long Islanders to minimize their tax liabilities for 2014. What is done now will make the difference of thousands of dollars being kept in pockets, or shelled out to the IRS and other taxing authorities. So what are some smart and easy tax savings moves that can be made fast?
Starting and maximizing contributions to tax deferred and tax free retirement accounts like IRAs and especially self-directed IRAs can be incredibly rewarding. This cannot only help reduce tax liabilities for this year, but also greatly improve Long Islander’s finances for their entire lifetimes with the advantage of compounding investment returns.
2. Donate to Charity
Donating to charity can both create new tax deductions, and enable Long Islanders to realize their passions and drive for helping others too. Most New Yorkers seriously underestimate the benefits of valid charitable donations. Cash is one type of donation, and many fail to keep records of all of their giving. However, more significant items can be donated for potential tax deductions too. This can include cars and even real estate. These are especially powerful donations for Long Islanders right now. This may be a great option, if not the only one for those with distressed real estate that they cannot sell, yet cannot handle walking away from without some financial settlement.
3. Car Footprints
Entrepreneur Ney Torres just launched a new tech device dubbed ‘Car Footprints’ which plugs into vehicles and automatically calculates their mileage deductions. On average the device is believed to help individuals save $6,000 per year, without having to remember to track every mile they drive.
4. Get a Property Tax Adjustment
One of the biggest tax bills every Long Island property owner faces each year is their property tax. Long Islanders not only face some of the highest bills in the nation, and the world, but more often than not – serious overcharges. A professional NY property tax adjuster can help get this corrected and could help many substantially reduce this liability. Otherwise if left unpaid many could fall into foreclosure and lose their homes.