Tax savings before the end of the year - ABC 33/40 - Birmingham News, Weather, Sports

Tax savings before the end of the year

Posted: Updated:

Giving to charities is just one thing you can do to lower your income tax bill before the new year arrives. But with 2014, just a few weeks away - now is the time to see where else you can save money on this year's taxes.

Right now, people have spending on their mind for Christmas. But tax experts say, you might need to dig into your pockets a little deeper before the year ends to save you money in 2014.

"When you're talking about taxes, every bit helps." Ben Moon says buying equipment like this new cooler for Dreamcakes in Homewood is a big deal. It's a tax write off and savings strategy for business owners.
 
Moon says, "Being a small local business, we're not growing money on trees here. We kind of have to save where we can."

There's only a few weeks left to save as many pennies possible on your 2013 taxes.

"A lot of this tax planning does take a little bit of money. It's spending money you were otherwise going to spend, but spending it before the year's end." Brett Sheedy says make sure you fully utilize your retirement plan contributions -- and consider accelerating itemized deductions, like charitable contributions, you might normally do at the first of the year. "So how much are you getting in return for spending that money? It depends on what your tax bracket is. Lets say somebody in the 25% tax bracket; for every 100 dollars in charitable contributions they made, they're gonna save $25 on taxes."

Sheedy also suggests if you generally owe state taxes, make an estimated payment before the end of the year. State taxes are a deduction on the federal tax return. Also look at loss investments. "Stock is down and you don't expect it to come back, you may want to have your broker sell that stock before the end of the year, so you can take that loss on your return."

Because of the government shut down - the start of tax filing season is delayed two weeks. Sheedy says it's better to file as soon as possible so you know your tax debt and have adequate time to pay it by April 15th.

  • Central Alabama NewsMore>>

  • Blount County DA cracking down on degrading social media accounts

    Blount County DA cracking down on degrading social media accounts

    Thursday, April 24 2014 10:06 PM EDT2014-04-25 02:06:14 GMT
    Blount County District Attorney Pamela Casey is on a mission to shut down several Instagram accounts degrading young women throughout the county. The accounts with names such as "WHORESOFBLOUNTCOUNTY" and "SLUTSOFSUSANMORE" show pictures of teenagers with degrading comments underneath. Casey said the pictures are used without the girls' permission. One site has been taken down, and Casey has asked the social media website to remove them all.More >>
    Blount County District Attorney Pamela Casey is on a mission to shut down several Instagram accounts degrading young women throughout the county. The accounts with names such as "WHORESOFBLOUNTCOUNTY" and "SLUTSOFSUSANMORE" show pictures of teenagers with degrading comments underneath. Casey said the pictures are used without the girls' permission. One site has been taken down, and Casey has asked the social media website to remove them all.More >>
  • State Rep. Barry Moore arrested on felony perjury charges in connection with public corruption investigation

    State Rep. Barry Moore arrested on felony perjury charges in connection with public corruption investigation

    Thursday, April 24 2014 12:32 PM EDT2014-04-24 16:32:51 GMT
    MONTGOMERY, Ala. -- An member of the Alabama House of Representatives was arrested Thursday on perjury charges, acting Alabama Attorney General W. Van Davis said.More >>
    MONTGOMERY, Ala. -- An member of the Alabama House of Representatives was arrested Thursday on perjury charges, acting Alabama Attorney General W. Van Davis said.More >>
  • Deputy Arrested For Synthetic Marijuana

    Deputy Arrested For Synthetic Marijuana

    Thursday, April 24 2014 7:57 AM EDT2014-04-24 11:57:01 GMT
    A Russell County Sheriff's deputy is accused of participating in a drug trafficking operation.The man was arrested Wednesday after police found 1.5 pounds of synthetic marijuana, or spice, in his Lee County apartment. The deputy has been with the sheriff's department for about two months where he worked in the traffic division. He previously worked as a police officer in Phenix City, Ala.It's unclear if charges have officially been filed in the case. A call to the sheriff's office wasn't imme...More >>
    A Russell County Sheriff's deputy is accused of participating in a drug trafficking operation.The man was arrested Wednesday after police found 1.5 pounds of synthetic marijuana, or spice, in his Lee County apartment. The deputy has been with the sheriff's department for about two months where he worked in the traffic division. He previously worked as a police officer in Phenix City, Ala.It's unclear if charges have officially been filed in the case. A call to the sheriff's office wasn't imme...More >>
  • Birmingham Area NewsMore>>

  • UPDATE: Promoter responds to criticism over teen "wet" and "twerk" parties

    UPDATE: Promoter responds to criticism over teen "wet" and "twerk" parties

    Thursday, April 24 2014 11:58 PM EDT2014-04-25 03:58:57 GMT
    Recent parties asking teens to "freak," "twerk" and "get wet" are raising safety concerns among Birmingham City leaders.Some of the parties have been held at the Continental Ballroom and other venues for quite some time. Earlier this month, a shooting at the Continental Ballroom resulted in one teenager's injuries. City leaders, consequently, revoked the owner and party promoter's business licenses for that incident and prior complaints.But other upcoming teen parties are planned. They all ch...More >>
    Recent parties asking teens to "freak," "twerk" and "get wet" are raising safety concerns among Birmingham City leaders.Some of the parties have been held at the Continental Ballroom and other venues for quite some time. Earlier this month, a shooting at the Continental Ballroom resulted in one teenager's injuries. City leaders, consequently, revoked the owner and party promoter's business licenses for that incident and prior complaints.But other upcoming teen parties are planned. They all ch...More >>
  • XXX Games?

    XXX Games?

    Thursday, April 24 2014 10:30 PM EDT2014-04-25 02:30:09 GMT
    Instructions from the Entertainment Software Rating Board on setting controls Sony PlayStation® 4 Finding the "Parental Controls" Options From the Dynamic Menu, using the left stick or directional pad,More >>
     Some so-called gamers are putting themselves on full display, some of them going so far as having sex while thousands of people, possibly some under aged, watched. We have included instructions from the Entertainment Software Rating Board on how to set the controls for Sony PlayStation® 4 and Microsoft Xbox One®.More >>
  • Housing director: pipe replacement complete in Marks Village

    Housing director: pipe replacement complete in Marks Village

    Thursday, April 24 2014 6:37 PM EDT2014-04-24 22:37:50 GMT
    All piping inside the Mark Village Housing Development in Gate City has been replaced, according to Naomi Truman, executive director of the Housing Authority--Birmingham District. Truman told ABC 33/40More >>
    Continuing coverageMore >>
  • Anniston - Gadsden Area NewsMore>>

  • Authorities find body of Riverside man who went missing in Lake Logan Martin

    Authorities find body of Riverside man who went missing in Lake Logan Martin

    Thursday, April 24 2014 6:57 PM EDT2014-04-24 22:57:29 GMT
    ST. CLAIR COUNTY, Ala. -- Authorities have found the body of a Riverside man who went missing in Logan Martin Lake last weekend."At approximately 2:40 pm today the body of Mr. Willie Cosby was recovered from Logan Martin Lake in Riverside by search personnel," St. Clair County Sheriff Billy Murray said in a released statement. "Mr. Cosby was located in the area where multiple agencies have been searching since Monday morning."Cosby, 48, was fishing with his wife when he fell from the boat at ...More >>
    ST. CLAIR COUNTY, Ala. -- Authorities have found the body of a Riverside man who went missing in Logan Martin Lake last weekend."At approximately 2:40 pm today the body of Mr. Willie Cosby was recovered from Logan Martin Lake in Riverside by search personnel," St. Clair County Sheriff Billy Murray said in a released statement. "Mr. Cosby was located in the area where multiple agencies have been searching since Monday morning."Cosby, 48, was fishing with his wife when he fell from the boat at ...More >>
  • Benefit concert to assist and celebrate rehab of injured Gadsden officer

    Benefit concert to assist and celebrate rehab of injured Gadsden officer

    Thursday, April 24 2014 6:06 PM EDT2014-04-24 22:06:29 GMT
    An Etowah County drug investigator who suffered a severe brain injury last month began taking steps in rehab this week.A truck collided with Gary Pierce as he rode his motorcycle while off duty March 15. He spent four week in intensive care at UAB before a transfer to Spain Rehabilitation Center.Pierce walked more than 250 feet Wednesday with the assistance of a walker. His commander at the Etowah County Drug Task Force, Rob Savage, said Pierce shows signs of improvement every day."He's talki...More >>
    An Etowah County drug investigator who suffered a severe brain injury last month began taking steps in rehab this week.A truck collided with Gary Pierce as he rode his motorcycle while off duty March 15. He spent four week in intensive care at UAB before a transfer to Spain Rehabilitation Center.Pierce walked more than 250 feet Wednesday with the assistance of a walker. His commander at the Etowah County Drug Task Force, Rob Savage, said Pierce shows signs of improvement every day."He's talki...More >>
  • Gadsden man found with over 600 pornographic images and videos, arrested on child porn charges

    Gadsden man found with over 600 pornographic images and videos, arrested on child porn charges

    Wednesday, April 23 2014 4:11 PM EDT2014-04-23 20:11:36 GMT
    Pablo Gabriel UrbinaPablo Gabriel Urbina
    A Gadsden man was arrested Tuesday on child pornography charges following an extensive investigation by several law enforcement agencies, the Etowah County Sheriff's Office said.More >>
    A Gadsden man was arrested Tuesday on child pornography charges following an extensive investigation by several law enforcement agencies, the Etowah County Sheriff's Office said.More >>
Most Popular
Stories
Videos
loading...
  • Latest StoriesMore>>

  • UPDATE: Promoter responds to criticism over teen "wet" and "twerk" parties

    UPDATE: Promoter responds to criticism over teen "wet" and "twerk" parties

    Thursday, April 24 2014 11:58 PM EDT2014-04-25 03:58:57 GMT
    Recent parties asking teens to "freak," "twerk" and "get wet" are raising safety concerns among Birmingham City leaders.Some of the parties have been held at the Continental Ballroom and other venues for quite some time. Earlier this month, a shooting at the Continental Ballroom resulted in one teenager's injuries. City leaders, consequently, revoked the owner and party promoter's business licenses for that incident and prior complaints.But other upcoming teen parties are planned. They all ch...More >>
    Recent parties asking teens to "freak," "twerk" and "get wet" are raising safety concerns among Birmingham City leaders.Some of the parties have been held at the Continental Ballroom and other venues for quite some time. Earlier this month, a shooting at the Continental Ballroom resulted in one teenager's injuries. City leaders, consequently, revoked the owner and party promoter's business licenses for that incident and prior complaints.But other upcoming teen parties are planned. They all ch...More >>
  • Blount County DA cracking down on degrading social media accounts

    Blount County DA cracking down on degrading social media accounts

    Thursday, April 24 2014 10:06 PM EDT2014-04-25 02:06:14 GMT
    Blount County District Attorney Pamela Casey is on a mission to shut down several Instagram accounts degrading young women throughout the county. The accounts with names such as "WHORESOFBLOUNTCOUNTY" and "SLUTSOFSUSANMORE" show pictures of teenagers with degrading comments underneath. Casey said the pictures are used without the girls' permission. One site has been taken down, and Casey has asked the social media website to remove them all.More >>
    Blount County District Attorney Pamela Casey is on a mission to shut down several Instagram accounts degrading young women throughout the county. The accounts with names such as "WHORESOFBLOUNTCOUNTY" and "SLUTSOFSUSANMORE" show pictures of teenagers with degrading comments underneath. Casey said the pictures are used without the girls' permission. One site has been taken down, and Casey has asked the social media website to remove them all.More >>
  • IndyCar drivers Power, Pagenaud enter Barber weekend with tension over Long Beach incident

    IndyCar drivers Power, Pagenaud enter Barber weekend with tension over Long Beach incident

    Thursday, April 24 2014 9:00 PM EDT2014-04-25 01:00:42 GMT
    A week off did nothing to mellow the tension between Simon Pagenaud and Will Power stemming from contact between the two at Long Beach.More >>
    A week off did nothing to mellow the tension between Simon Pagenaud and Will Power stemming from contact between the two at Long Beach.
    More >>
  • Tuscaloosa documents city's post-tornado progress in three videos

    Tuscaloosa documents city's post-tornado progress in three videos

    Thursday, April 24 2014 8:08 PM EDT2014-04-25 00:08:47 GMT
     Motto: Safer, Smarter & StrongerMore >>
     Motto: Safer, Smarter & StrongerMore >>
  • Authorities find body of Riverside man who went missing in Lake Logan Martin

    Authorities find body of Riverside man who went missing in Lake Logan Martin

    Thursday, April 24 2014 6:57 PM EDT2014-04-24 22:57:29 GMT
    ST. CLAIR COUNTY, Ala. -- Authorities have found the body of a Riverside man who went missing in Logan Martin Lake last weekend."At approximately 2:40 pm today the body of Mr. Willie Cosby was recovered from Logan Martin Lake in Riverside by search personnel," St. Clair County Sheriff Billy Murray said in a released statement. "Mr. Cosby was located in the area where multiple agencies have been searching since Monday morning."Cosby, 48, was fishing with his wife when he fell from the boat at ...More >>
    ST. CLAIR COUNTY, Ala. -- Authorities have found the body of a Riverside man who went missing in Logan Martin Lake last weekend."At approximately 2:40 pm today the body of Mr. Willie Cosby was recovered from Logan Martin Lake in Riverside by search personnel," St. Clair County Sheriff Billy Murray said in a released statement. "Mr. Cosby was located in the area where multiple agencies have been searching since Monday morning."Cosby, 48, was fishing with his wife when he fell from the boat at ...More >>
  • Shelby County mom expected in court next week

    Shelby County mom expected in court next week

    Thursday, April 24 2014 6:39 PM EDT2014-04-24 22:39:08 GMT
    Prosecutors in Shelby County have asked a judge to require an Alabaster mother to undergo random drug and alcohol screenings.More >>
    Prosecutors in Shelby County have asked a judge to require an Alabaster mother to undergo random drug and alcohol screenings.More >>
  • Housing director: pipe replacement complete in Marks Village

    Housing director: pipe replacement complete in Marks Village

    Thursday, April 24 2014 6:37 PM EDT2014-04-24 22:37:50 GMT
    All piping inside the Mark Village Housing Development in Gate City has been replaced, according to Naomi Truman, executive director of the Housing Authority--Birmingham District. Truman told ABC 33/40More >>
    Continuing coverageMore >>
  • Benefit concert to assist and celebrate rehab of injured Gadsden officer

    Benefit concert to assist and celebrate rehab of injured Gadsden officer

    Thursday, April 24 2014 6:06 PM EDT2014-04-24 22:06:29 GMT
    An Etowah County drug investigator who suffered a severe brain injury last month began taking steps in rehab this week.A truck collided with Gary Pierce as he rode his motorcycle while off duty March 15. He spent four week in intensive care at UAB before a transfer to Spain Rehabilitation Center.Pierce walked more than 250 feet Wednesday with the assistance of a walker. His commander at the Etowah County Drug Task Force, Rob Savage, said Pierce shows signs of improvement every day."He's talki...More >>
    An Etowah County drug investigator who suffered a severe brain injury last month began taking steps in rehab this week.A truck collided with Gary Pierce as he rode his motorcycle while off duty March 15. He spent four week in intensive care at UAB before a transfer to Spain Rehabilitation Center.Pierce walked more than 250 feet Wednesday with the assistance of a walker. His commander at the Etowah County Drug Task Force, Rob Savage, said Pierce shows signs of improvement every day."He's talki...More >>