There is still time to lower your tax bill for 2015. Ed Slott, CEO of Slott and Company, said the first move is to look back at your 2014 filing in order to find credits, carryovers and deductions for this year. ‘You have to have a starting point and that’s your starting point,’ said Slott. Slott said December is a good time to evaluate a year-end Roth conversion and donate IRA funds to charity using the QCD (Qualified Charitable Distribution). Another idea is to donate appreciated stock to charity. Slott also reminded taxpayers to use their annual tax free gifts of $14,000 per person if they have not already. ‘This is a big freebie in the tax code,’ said Slott. ‘Anybody can give anybody else – it does not have to be family – $14,000 per person, per year, so if that’s your plan, do it now before year end.’ He advised all employees to max out their 401(k) get the company match because ‘it’s free money’. When it comes to the stock market, Slott told taxpayers not to forget to dump their losers to offset gains.
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