Press Releases

7 Last-Minute Tax Planning Strategies

Though the clock is ticking on ways to minimize your 2013 taxes, there are still a few steps you can take before January to help protect more of what you’ve earned. Here are seven strategies to consider:

1. Contribute the maximum to your 401(k). Up to applicable limits, contributions are subtracted from your gross pay, so you won’t pay current income taxes on the contributions (although Social Security and Medicare taxes still apply). In addition, earnings and gains grow tax deferred until withdrawal.

2. Replace loans that generate personal interest with a mortgage or home-equity loan.  Personal interest cannot be deducted on your tax return, while mortgage and home-equity loan interest typically can — as long as the first mortgage doesn’t exceed $1,000,000 and the home-equity loan doesn’t exceed $100,000.

Sign Up for E-News

3.  Don’t overlook gifts to family. You can make gifts of income-producing assets up to $14,000 per year ($28,000 if you split the gift with your spouse) to your children tax-free (unchanged from 2013).  Doing so shifts the income from the assets to your children, who may be in a lower tax bracket. But be aware that “Kiddie Tax” rules may apply in certain circumstances

4. Take advantage of education tax breaks.  If eligible, make sure to document and claim the tuition deduction, the American Opportunity Tax Credit or the Lifetime Learning Credit. You may also be able to deduct interest paid on student loans if you meet eligibility requirements.

5. Save receipts for household goods donated to charity. Keep in mind that no deduction is allowed for used clothing and household items (furniture, electronics, appliances and linens) that are not in "good condition or better." A favorable exception to this rule allows write-offs for single items if they are appraised at more than $500.

6. Keep track of your job-hunting expenses.  Items like résumé preparation, driving mileage, airfare and hotels may be deducted as a miscellaneous itemized deduction. If you relocate for a new job, you may be able to deduct your moving expenses, too.

7. Start planning now for 2014. This gives you time to consider various tax planning strategies and ensure that you have enough time to implement them for the coming year — and won’t be scrambling to read articles like these next December.

Ask your tax advisor if any of these seven steps might be right for you, or give the Florham Park CPAs at Magone & Company a call at (973) 301-2300.

About Nick Magone: Nick Magone is managing partner at NJ CPA firm Magone & Company, which supports leading entrepreneurial companies, technology start-ups, non-profit organizations, professional services firms and the real estate industry with a complete range of accounting, audit & attestation, tax, wealth management, and business consulting services. Reach him at (973) 301-2300 or

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News


Livingston Lacrosse Senior Jason Scher Named Athlete of the Week

April 20, 2018

LIVINGSTON, NJ — Livingston High School senior Jason Scher has been named as TAPinto Livingston’s Athlete of the Week after scoring 14 goals and contributing 15 assists in his last five games—bringing him to a total of 35 points so far this season.

With Scher leading the pack, the Lancers are 5-2 after winning their last five consecutive games. Scher scored three ...

Full Pet Grooming Service 25% OFF

April 20, 2018

LITTLE FALLS, NJ - Cloud Canine Grooming Salon & Spa in Little Falls is open for business and owner and pet stylist Melissa DiRoma is offering 25% off a FULL GROOMING SERVICE for all new customers. Call (973) 837-8884 or visit to schedule your appointment. Mention promo code TAP DOG for discount. 

About Cloud ...

Free Wellness Event at The Joint Chiropractic

WEST CALDWELL, NJ — The public is invited to a "Wellness Event to Remember" at The Joint Chiropractic in West Caldwell on Thursday, April 19 from 7 p.m. to  9 p.m.

Guests will include:

Michael Piercy, owner of The Lab
Justyna Debski, owner of Revive Mind Body
Karen Caplan, owner of Nutrition Transitions

Join the ...

Luxury Facial Services 50% OFF

MILLBURN, NJ - DeAmour Salon & Spa is proud to announce its newest team member, Renee Rudikh, formerly of the famous Georgette Klinger Spa at the Short Hills Mall.

Rudikh has extensive experience and specializes in a plethora of facial styles including: deep pore cleansing/European, microdermabrasion with collagen, teenage, men's, back, LED and customized European ...

YMCA $0 Enrollment in April

LIVINGSTON, NJ - For the month of April, the West Essex YMCA is offer $0 enrollment. 

Take advantage of all that your local Y has to offer for the whole family!

Personal Training
Group Classes
Low monthly membership
And much much more!...

Check out all that the Y has to offer HERE

About the West Essex YMCA:
The West Essex YMCA has ...

MAX Challenge of West Orange - 2 Weeks FREE and more...

WEST ORANGE, NJ - The MAX Challenge of West Orange is about to start its next challenge.  Sign up before April 9, and you will receive maximum benefits, including two weeks free!



12 weeks for the price of 10
Unlimited fitness classes 
Nutritional ...

Upcoming Events

Mon, April 23, 1:30 PM

Livingston Public Library, Livingston

Monday at the Movies: LOVING VINCENT

Arts & Entertainment


Wed, April 25, 10:00 AM

Estelle Finkel Center for Learning, Livingston

Upcoming 2018 Spring SAT and ACT Courses


Wed, April 25, 7:00 PM

Temple Sharey Tefilo-Israel, South Orange

Taking a Stand for Menstrual Equity


County Announces Improvement Plans for Grover Cleveland Park Playground and Tennis Courts

April 20, 2018

CALDWELL/ESSEX FELLS, NJ — Nearly $1.2 million in improvements will be made to modernize the Essex County Grover Cleveland Park playground and tennis courts.

Essex County Executive Joseph DiVincenzo, Jr. announced his improvement plans on Friday morning, stating that Grover Cleveland Park is a popular site for families and children, and that the playground and tennis courts need to be ...

Take A Chance on the Livingston Library To Conclude

April 20, 2018

LIVINGSTON, NJ — The Friends of the Livingston Library’s annual “Take A Chance on the Library” Auction & Raffle will be ending Tuesday, April 24  when the public is invited to the Library’s Program Room as winners are announced, beginning at noon. The event invites all members of the community to “take a chance on the library” by ...

Letter to the Editor: Don't Complain. Vote!

April 12, 2018

Don’t Complain; Vote!

It’s no secret that people have strong feelings about what’s happening in our country. It’s also true that much of politics is local. In November, 11th District residents will have the opportunity to choose a new congressional representative who will not only serve as a critical check on the federal level, but also determine how our distract fares ...

Cluelessly Clueless

I teenaged my way through high school under the assumption that my parents had no idea what I was doing.  I like to think I was pretty good at withholding information and presenting situations in ways that were other than they really were.


Still, sometimes they found things out.  Like the time my friends plopped me on our front door step at one o'clock in the morning ...