2017 Tax Planning
Posted by: Ramsay Wealth Management
The time has come for you to plan your year-end taxes. We've put together a few highlights of tax planning tips that can help you create strategies to minimize your risks and maximize your opportunities.
Actions You Can Take
There are several simple actions you can take to begin the process:
- Get organized. Collect receipts and documentation and consult a tax professional to discuss your personal situation.
- Contribute maximum amount to retirement accounts. Dates may vary by state.
- Check your IRA distributions.
- Mark these dates on your calendar:
- January 16, 2017: 4th quarter estimated tax payment due
- April 18, 2017: 2016 individual tax returns due; individual tax return extension due; 1st quarter 2017 estimated tax payment due
- June 15, 2017: 2nd quarter estimated tax payment due
- September 15, 2017: 3rd quarter estimated tax payment due
- October 16, 2017: Extended individual tax returns due
Important Tax Issues & Updates for 2017 Read about important tax issues and updates for the new year, including changes related to social security tax caps, Affordable Care Act penalties, medical expense deductions, alternate minimum tax (AMT), and PEP and Pease, two provisions that increase the tax burden on wealthy taxpayers by limiting personal exemptions and deductions. Additional Suggestions We offer a number of additional suggestions, including:
- Fatten your employer-sponsored plan – maximize your contributions.
- Weigh the benefits of harvesting losses – talk to a tax expert and your financial professional
- Pay attention to your FSA
- Be charitable – gifts to a qualified organization may entitle you to a charitable contribution deduction
- Donate items – keep written documentation
- Manage your Medicare taxes
- And more
Planning your taxes efficiently takes time, effort, and experience. Please read the full report for useful, relevant strategies to consider as you prepare to file your 2016 taxes. Please call us if you have any questions about your taxes or how tax-efficient planning may help reduce your burden. Read the full report here.
Category: Tax Related