The end of the year is fast approaching, but there is still time to impact your 2017 tax liability! Here are some easy tax moves to consider making now. However, as with all tax matters, things can get complicated, so be sure to contact your Tax Manager if you have any questions.
And remember to always keep good records!
- Defer your income if possible
- Harvest tax losses to offset any capital gains on investments
- Pay college costs early
- Contribute to retirement and HSA accounts (you can do this until April 15)
- Pay potentially deductible expenses, such as our tax preparation invoices (call Katie ASAP at 303-951-6020 if you have any outstanding balances!)
- Contribute to charities - donations may be deductible on your 2017 returns if you mail a check, charge a credit card, or deliver goods by December 31
For charitable contributions, you must have a bank record or written statement from the charity for monetary donations of any amount, and you must have a written acknowledgement for all gifts worth $250 or more. Special rules (and stiff penalties for breaking them) apply to cars, boats and other types of property, so contact your Tax Manager regarding these.
Visit our website for more Tax Tips under the Tools tab!
