1. Review
your portfolio. Consider taking a loss
if you have substantial capital gains.
2. Max
out your retirement plan contributions.
2014 maximum IRA contribution is $5,500 (plus $1,000 if age 50 or
over). 2014 maximum 401(k) contribution
is $17,500 (plus $5,500 if age 50 or over).
3. Consider
contributing to a 529 Plan if you have children or grandchildren. For example, New York allows a deduction up
to $5,000 (or $10,000 for married filing joint filers) for contributions made
by an account owner to an account belonging to New York’s 529 College Savings
Plan.
