Time is running out! The fact is, if you don’t act by December, 31 you may lose some big tax deductions that you can (and should!) lawfully claim.
I’m talking about medical deductions and retirement-plan contributions that can be positioned as business tax-deductions — deductions that can slash your 2013 tax bill!
In my new article you’ll find six practical, proven strategies you can use if you take action now. You’ll get full details when you read Tax Tips: Creating Year-End Medical and Retirement Plan Tax Deductions.
Six strategies you can use to pay less tax in 2013:
- Reimburse Section 105 medical expenses now. We’ll tell you why this is so vitally important when you read the full article.
- Modify Your 105 Plan for 2014. For tax years beginning in 2014, you need to examine how Obamacare impacts your Section 105 medical reimbursement plan. We’ll tell you what modifications you may need to make when you read the full article.
- Get your S corporation health insurance on the corporate books. We’ll tell you why and list two requirements you must meet when you read the full article.
- Be sure you claim all the tax credits you’re entitled to. Do you provide health insurance as a fringe benefit to your employees? If so, you may be eligible for some nice tax credits! You’ll get the details when you read the full article.
- Establish your 2013 retirement plan. Have you got a retirement plan in place right now? If not, it’s still not too late to get a tax deduction for 2013… but you better get moving. You’ll find out more when you read the full article.
- Consider converting your 401(k) (or traditional IRA) to a Roth IRA. If you don’t need your IRA money within the next five years, the Roth IRA can be a much smarter choice as you’ll discover when you read the full article.