Imhaus Investment Advisors, LLC

Protect your money. Fraud and identity theft through hacking financial accounts is happening more and more. I recommend that you check your credit report twice a year; now and again at mid-year. Your first one is free through www.annualcreditreport.com. For the mid-year check, you can request all three credit reporting companies in one report for $29.95 through www.equifax.com. In addition, download smartphone apps for your credit cards and bank accounts and check them several times per week.

2014 Retirement Savings Rules: Traditional IRAs The 2014 contribution limit for a Traditional IRA will remain at $5,500, with an additional $1,000 catch-up contribution allowed for those ages 50 and older....Continue reading

Year end to dos: Max your 401K/403b or 457 plan. AT LEAST to the max matching level. Check your capital gains/harvest losses.... Don't leave forgotten money in your flexible spending account. Beware of the AMT (Alternative Minimum Tax). Time tax payments and use caution when exercising stock options. Don' forget your required minimum distribution. Don't forget to fund your 529 (if you are set for retirement). If you want to make a charitable contribution do it before year end for the write off - remembering that you can gift appreciated stock from a taxable account AND donate your RMD directly to a charity and avoid the income!

Beware of the 3.8% new Medicare tax. If your AGI is over 200K filing single or 250K joint, you will pick up a new 3.8% tax on investment income in 2014. Consider lowering your income in 2014 or realizing some of your capital gains in 2013. Also, if you have a stock position with a gain or an IRA with an RMD, you can donate directly to your favorite charity and not add to your income. Talk to your Tax professional.

There are big big tax changes afoot for January. But there is still time to do some year end planning. Talk to your tax preparer now.