Prestige Wealth Group accountant flemington nj

Text-only Preview

Prestige Wealth Accounting Group Announces Tax Saving Strategies for 2013
Next year's tax season is far away, but it is never too early to begin strategizing when it comes to
saving money on taxes in 2014. That is why Prestige Wealth Management Group, one of the
leading CPA firms in NJ, is pleased to announce new tax saving strategies for their clients. Since
there are a number of new taxes, and increases on others due to Obamacare, now is more
important than ever to minimize tax burden. It is better to be prepared, than to be left flustered by
the changes, come next April.
The first tax strategy is to boost retirement savings. Individuals who are turning 50 or older are
able to contribute up to $23,000 in a 401(k). Self-employed tax payers who are 50 or older can
also put up to $56,000 in a 401(k). Individuals interested in reducing their required minimum
distributions can convert their traditional IRA money to a Roth IRA. However, this will cause
the taxable income to be higher in the later years.
Another strategy is to track all medical expenses because in the upcoming year, the tax hike is
causing all taxpayers who are 65 years or younger to be able to only write off medical bills that
exceed 10%. This is a 2.5% increase from years past. Even though these changes are for
individuals who are under 65, those who are over 65 still qualify for the 7.5% threshold. The new
health care laws also limit contributions to flexible spending accounts to $2,500. Individuals
should keep all receipts for the flexible spending account because they could be eligible for
deductions.
For even more information on strategies to use when preparing taxes for next April, visit the
Prestige Wealth Accounting Group website. As one of the leading CPA firms in New Jersey,
PWAG offers news, blogs, research, articles, and much more information on their newly-
designed website.
About the Company:
Prestige Wealth Accounting Group is a premier accounting firm that is committed to integrity,
knowledge and offering first-class service to their clients. The company specializes in CPA
services, and has experience providing high-net-worth individuals with concepts and strategies to
help them reduce their taxes and simplify their financial life. The company is dedicated to taking
an active role in assisting people with the constantly changing tax laws.
Visit http://www.prestigewag.com to view the newly redesigned website and learn more about
what services the NJ accountant provides.