Last Minute Tax Deductions you MUST complete by 12/31 to receive on THIS Year’s tax return!

April Settle up for 2017 taxes is just around the corner. While there a many items that have reach back ability (Contributions can be made next year – 2018 and still help 2017 taxes) what follows are reminders that you MUST make before year end 12/31 to receive a current year (2017) deduction.

Due by 12/31 to Receive 2017 Tax ReliefUncle Sam

  1. Donations to charity – Must be completed this year as it is a same fiscal year deduction
  2. 401k Maxing – Remember to get your maximum deduction for your 401k that you desire – Maximums are currently $18k regular plus $6k over age 50 years young catch up
  3. Medical Expenses – While possibly late for a procedure, supplies, equipment or other medical expenses claimed for 2017 must be completed by 12/31
  4. Gifting of Money – While not a deduction, recall that an annual limit of $14k to each person is available and resets on 1-1 of the following year (Greater gifts will require a gift tax return)
  5. Accelerate Expenses- Never buy just to buy, but if something is needed and it is flexible enough in timing to pull forward, review your expected income this year versus next and see if it makes sense to make that purchase now

Have a Great “Less Taxable April 2018” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com

 

 

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