The filing extension for the 2016 tax year has passed. It's time to look ahead to the 2017 tax return you will be filing in a few months. There is still a little time left in this year to take actions that will affect your 2017 tax liabilities. Take a look:
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- Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations only in the year the donation is made. There is still time for taxpayers to contribute to a charity before the end of 2017. After several storms this year, many taxpayers are making donations to disaster relief organizations. Taxpayers can use the IRS Exempt Organization Select Check tool on IRS.gov to make sure that these charities and any other tax-exempt organization is eligible to receive tax-deductible contributions.
- IRA distributions. Taxpayers over age 70 ½ should receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017. A special rule allows those who reached 70 ½ in 2017 to wait until April 1, 2018 to receive their distributions.
- IRA Contributions. Taxpayers generally must make workplace retirement account contributions by the end of the year. However, they can make 2017 IRA contributions until April 17, 2018.
If you have any questions regarding charitable contributions, IRA distributions, or IRA contributions, please contact the team at Cotton Mather CPA. We'd be happy to help with your tax filing tasks and help you get the most accurate tax information available.