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Tax moves to make in March 2014

And so it has happened again. Another month arrives and I am totally unprepared.

March_tax_moves_160Regular readers of the ol' blog know I (try to) start each month with some tax-saving, tax-planning thoughts.

But March arrived on a Saturday that I spent with my mom. And Sunday, March 2, was Oscars day ... and a Sunday, day of rest and all.

That left Monday as the day to highlight some tax moves to make in March.

By now you've figured out where this story is going. Today kind of slipped by me, too. But I realized it with just enough time left to remind you that we have around six weeks until the April filing deadline.

That's plenty of days in which to get your filing material in order and set up an Electronic Federal Tax Payment System (EFTPS) account so you can settle your tax bill electronically at no cost.

Some new septuagenarians -- or their kids who make sure that mom and dad don't make any tax mistakes -- might need to take some money out of their traditional IRAs or other tax-deferred retirement accounts by April 1. Miss this required minimum distribution (RMD) deadline and you'll owe a stiff penalty.

And S corp businesses must get their 1120S forms to the Internal Revenue Service by March 17. The good news here is that the deadline is two days later than usual since the regular March 15 due date falls this year on Saturday.

As usual, you'll find more March Tax Moves in the calendar in the right column, just beneath the red countdown clock keeping track of how much time we have left until the April 15 filing deadline.

Don't let the clock worry you. Yes, the time is ticking away. But even with this slightly belated notice, March has lots of days left in which you can cut your tax bill.


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