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Make 7 late tax return moves

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in Small Business Tax

There are just a few days remaining to put the finishing touches on your 2014 federal income tax return.

Strategy: You still may be able to cut your tax bill for 2014. We’ve got a couple of tax tricks left in the bag.

Here are seven eleventh-hour tax moves for procrastinators.

1.  Salt away retirement funds. If you contribute to an IRA or a plan for small business owners—like a Simplified Employee Pension (SEP)—by April 15, you may be able to deduct those amounts on your 2014 return. Generally, IRA contributions are deductible above-the-line, subject to a phaseout if your adjusted gross income (AGI) exceeds an annual threshold and you actively participate in a plan. You can deduct allowable SEP contributions in full.

2.  Don’t forget carryovers. Review your 2013 return before you submit your 2014 Form 1040. Check to see if you have any carry­­overs that can reduce your 2014 liability. For example, you may have an excess capi...(register to read more)

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