" What is Year End Tax Planning for Tax Payers ? "

For Tax Payers who would file 1040 for 2013, see the list of Tax Planning Items  to focus on:
1. If 2013 Income is lower than prior Years and is expected to go high in the future years Consider converting Traditional IRA into a Roth IRA. Since the Income is lower the tax on conversion will also be lower than future years.
2. If you have invested in Stocks & Securities and the current price is higher, it would be prudent to hold on to them for longer than year since long term gains are taxed at a lower rate than short term rate.
3. However, is the Stocks and Securities that you bought in the year, have less value than what you paid, it would be wise to sell them before the year end and deduct the capital loss on your 2013 tax return.
4.  Are you withholding enough to pay for your Taxes and Avoid the April 15th, tax shock ?
5.  If you are getting a large Refund, Increase your allowances to withhold less tax and get more money in your pay check.
6.  Make Charitable donations before the year end and keep receipts.

For More Information or Q & A Contact : 
Kash, @ (925) 963 4891

Yajnik & Mehta Associates  (YMA) 
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