Bailey Scarano Blog

Wrapping Up 2015 – Tax Tips from David Bailey

We recommend individuals take care of these tax helping tasks before December 31. Contact us in you have any questions. 
  • Contribute the max to your retirement account
  • Take capital losses to cancel out capital gains
  • Use up the money in your FSA
  • Get added deductions for prepaying (property tax, estimates, medical bills)
  • Give to charities
  • Avoid penalties – take your required minimum distribution
  • Be generous – make tax free gifts
  • Consider paying up on college tuitions (restrictions apply)