This is not a partisan post.  Just a note to say that it is your civic duty to vote!

Here in Texas, we are in the midst of early voting for the November 6th election.  I drove by the nearest polling place today, and the line went outside, across the porch, down the steps, and down the sidewalk into the parking lot.  I decided to come back tomorrow when I have the entire afternoon off (because I have a wacky schedule).  But I worry that many without my schedule flexibility might not have the time to wait in line or the ability to come back the next day.  I love the high turnout, though!  Please don’t give up!

As I write this, January 31st is TOMORROW! Be sure to get the forms postmarked tomorrow!

If you make estimated tax payments, your fourth quarter 2017 Form 1040-ES payment must be postmarked on or before Tuesday, January 16th. I suggest sending it certified mail for proof of mailing date.

You probably noticed that a major tax overhaul recently passed. Here are a few actions I would recommend taking before the end of 2017:

• Pay property taxes on principal residence
• Pay January student loan and/or mortgage payments early (if the bank will allow it)
• Make charitable contributions and be sure any non-cash contributions are dropped off before 12/31/2017
• Pay for any employee business expenses, including union dues, supplies, etc.
• Complete any planned vehicle (car/boat/RV) purchase

The 2017 tax return will generally follow the old rules; the 2018 returns will be subject to the new tax laws. As I learn more about the new laws, I will provide additional direction on any other actions to take in the new year.

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.

Greetings! This is your friendly reminder that your 3rd quarter 2017 Form 1040-ES estimated tax payment is due Friday September 15, 2017. Be sure your payment is postmarked on or before that date. I recommend you mail it via certified mail (minimum) with return receipt requested (preferable) to prove it was mailed timely. Enclose your voucher and check loose in an envelope (do not staple or otherwise attach). Also, make the check payable to “U.S. Treasury” and put the taxpayer’s social security number (leaving off two digits: 123-45-XX89), phone number, and the words “3rd quarter 2017 Form 1040-ES” on the check.