You May Be Able to Save More for Retirement in 2015

In This Issue

There's Still Time to Make a 2014 IRA Contribution!.

Are Your Charitable Contributions Deductible?.

Avoid Gift Treatment by Paying Expenses Directly..

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You May Be Able to Save More for Retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings.

Other factors may affect how much you can contribute (or how much your employer can contribute on your behalf). For example, income-based limits may reduce or even eliminate your ability to ..(Read More)

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MARCH 2015

Still looking for opportunities to save on taxes for 2014? You may be able to contribute to an IRA or an HSA. Speaking of your 2014 taxes, if you have made charitable contributions in 2014, you'll want to be sure that you have the appropriate documentation to substantiate the deduction.

Also, do you pay for family member's medical bills or college tuition? It may seem like a good idea to give money to relatives for educational or medical purposes, but there may be a better strategy.

This edition of our e-newsletter provides all the details. If you have any questions that aren't answered in these articles give us a call. We're here to help, so that you can relax.

There's Still Time to Make a 2014 IRA Contribution!

The deadline for 2014 IRA contributions is April 15, 2015. The limit for total contributions to all IRAs generally is $5,500 ($6,500 if you were age 50 or older on Dec. 31, 2014).

If you haven't already maxed out your 2014 limit, consider making one of these types of contributions by April 15...(Read More)

Are Your Charitable Contributions Deductible?

Whether you made charitable contributions in 2014 in response to disasters or as part of your regular gift-giving practice, here are some tax rules to keep in mind as you prepare to take a deduction.

You must itemize deductions on your federal income tax return in order to benefit from charitable contributions. Generally, you'll itemize when the sum of all your allowable deductions - such as interest, taxes, and donations - exceeds the standard amount...(Read More)

Avoid Gift Treatment by Paying Expenses Directly

The annual exclusion for gifts remains at $14,000 for 2015. (Married couples can gift up to $28,000 combined.) This limit applies to the total of all gifts, including birthday and holiday gifts, made to the same individual during the year.

However, any payment made directly to the medical care provider...(Read More)