Monday, December 15, 2014

Reducing 2014 Taxes

I am still trying to reduce my 2014 tax bill.  An unwanted surprise was a 12% capital gains dividend from my Chinese Stock mutual fund.  This dividend does nothing for my net worth as the price of the mutual fund goes down by 12% leaving you back where you started, but with a tax bill to pay.  To counteract this, I am selling some mutual funds where I have a capital loss, like an energy stock mutual fund.  This sale also helps rebalance my portfolio as I am over target on large cap and small cap domestic stocks and under target on domestic bonds.

Aside from that, I plan to pick up a book on how to reduce taxes in my new situation as the "backbone of America", "Job Creator", "Hope for the Future" i.e. small businessman.  I checked out the Fox Business website to see what advice they could offer since they love American small businesses.  They recommended that I join the Tea Party, support my local police, fly the flag, torture a few detainees, and never use Obamacare.  They also played a clip of one of their anchors saying repeatedly that the "USA is Awsome" in response to the recent torture report.  I think the Fox Business website is the same as the Fox News website with a title change.

Photo Credit: Flickr

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