Jump On 2013 Tax Moves Before They Disappear

People will soon be thinking about their taxes as there will be certain tax breaks ending after December 31, 2013. Whether you are in a higher tax bracket or you struggled to make ends meet, check out these tax moves that can help you get a bigger return or at least cut down on the amount of taxes you will owe.

Lower Your Taxable Income By Contributing To The Company’s Retirement Savings Plan

Whether you have a 401K through your employer or an IRA, the more of your income you contribute to your retirement savings, the less you will have it taxed as taxable income. There will be a limit to how much you can contribute, normally around $23,000 annually.

Get Debt Forgiveness If Losing Money In A Short Sale Or Home Foreclosure

The year 2013 will be the last year where you can take advantage of the Mortgage Forgiveness Tax Relief Act. If you sold your home during a short sale and received less money than what the home was worth, or you had your home foreclosed, you won’t have to pay taxes on the remaining canceled debt which is considered taxable income.

Give To Charities

Giving to charities can make you feel good about helping those people less fortunate while you can take advantage of the available tax deduction. You cannot exceed 50-percent of your adjusted gross income for your donation and you need to have all the proof (receipts or canceled check) to be able to get this deduction.

If you are looking for information about buying or selling a home in the Orange County and Southern California areas, contact realtor Judy Qualls of Aspero Realty at 714-313-4542.