Even though the 2016 filing season just wrapped up, it will be time for 2017 tax returns (and 1099s and Texas Franchise Tax and 2018 Estimated Taxes) before we know it.

Some things to think about BEFORE the end of 2017…

• If you are worried that you have not paid enough in federal tax withholding for 2017, please contact me now to discuss increasing your withholding or making an estimated payment.
• If you have some stocks that have fallen and can’t get up, sell before the end of the year to claim a capital loss.*
• If you are planning a Traditional or Roth IRA contribution, start setting money aside. Contributions to these accounts must be made by April 17, 2018.
• If you plan to donate to charity (especially if you are donating a large non-cash item like a vehicle), be sure to complete the donations by 12/31/2017 to deduct on the 2017 tax return.**
• If anything out of the ordinary has happened with your income or expenses during 2017, let me know so we can prepare for any possible tax effects.

It’s not too early to get a head start on collecting your expenses, tallying mileage, and organizing documents for 2017.  I’ll be making a push to get tax returns done early this year, so getting things done ahead of time will be a huge help.

Your favorite CPA,
Meghan

* Subject to capital loss limitations.
** Subject to itemized deduction limitations.