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 Relief
- Donations to charity – Must be completed this year as it is a same fiscal year deduction
- 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
- Medical Expenses – While possibly late for a procedure, supplies, equipment or other medical expenses claimed for 2017 must be completed by 12/31
- 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)
- 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
Extended Tax Season Finish Line, New Neat Tracking Site Found … Friday
With an original Mid-March Corporate Tax Deadline, a regular estimated tax (ES 2021) April deadline … a most states extend 1040 to May deadline and then a June Taxes deadline for Texas and a few other states this could have been the longest tax season ever!
Next week marks the final full finish line of this most confusing and marathon like tax filing year. Thank you very much for your collective patience as it was very confusing to all across the country.
Possible New Economic Tracker
Next week we hope to preview another newly found very cool website that can monitor indirectly the economy, this one … unlike our TSA tracker… does not involving airplanes but boats! With a little luck we will get copyright privileges and can show you directly.
Ahhh … but that is next week, today is a Friday heading into an almost summer weekend. As mentioned near Memorial Day, a hope for an Ark …the rain has stopped …it’s still very wet here but slowly drying …some monster mosquitos that can carry small pets away …. But all good!
Have a great Friday a Super Weekend and talk to you next week!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents
Share this:
Like this:
Leave a comment
Posted in Economy, Investing/Financial Planning, Market Comments, Tax Related
Tagged Ark, Mosquito, Tax Deadline, TSA