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Tax moves to make in May 2014

May is here. Finally.

After a long and brutal winter, May's flowers and warmth are very, very welcome. So are the many May Tax Moves that we can make in the next few weeks.

May_tax_moves_160 Let's start with the obvious. If you didn't file your 2013 tax return or request an extension to file by April 15, file that 1040 ASAP. If you need help, it's also a great time to hire a tax professional.

If you did get six extra months to file last year's taxes, this is a good time to take care of that task or at least get started. Just because you have until Oct. 15 doesn't mean you have to wait until then.

The IRS will gladly accept your completed return well before then. The Daily Tax Tips that were posted in January, February, March and April can help.

As for you 2014 taxes, start whittling down that bill now.

Contributions to a workplace retirement account will mean less taxable income.

Spring cleaning can free up closet space and help out your favorite charity. That could net you an itemized tax deduction next filing season.

Getting organized will mean you won't overlook any tax breaks that apply to your filing circumstances.

And home improvements, both via May's famous flowers in your garden and more substantial residential upgrades, could pay off tax-wise when you sell.

These are just a few of May's Tax Moves. You'll find more in the ol' blog's right column under the heading of the same name. Enjoy the new season and that potential tax savings.


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