During the whirlwind of holiday events, travel and to-do lists it’s easy to forget that the close of 2014 has its own demands, particularly on homeowners, including residents of Smith Mountain Lake properties. Property taxes and end-of-year financial records are quickly coming due and a little time and attention now will ensure your 2015 is off to a clean, hassle-free start. To help, Forbes Magazine offers a few end-of-year tax tips provided by financial planners who are used to advising homeowners like you.
Forbes’ tips include paying property taxes early to ease the bill for 2015, particularly if next year’s income will decrease or be unstable. Accelerating mortgage payments is always a good idea but must be submitted by a certain date to guarantee inclusion in 2014. Evaluating the best approach to deductions can help you save. And a financial consultant can help you understand new bills such as the Tax Increase Prevention Act of 2014. For a list of local Smith Mountain Lake financial advisers visit the Smith Mountain Lake Chamber of Commerce and browse their helpful directory.