Now that the tax return extension filing deadline has passed, the IRS suggests that you look ahead and get ready for next year. As a Taxpayer, you still have time to take these three actions that may affect the 2017 tax return you will file in 2018.
Taxpayers can deduct contributions that they make to charitable organizations. However, they can only be deducted during the year they donate. If you’re still considering contributing to a charity this year, there is still plenty of time. With several hurricanes ransacking the U.S. this year, taxpayers can utilize making donations to disaster relief organizations before years end. Taxpayers can use the IRS Exempt Organization Select Check tool on IRS.gov to make sure that these charities and any other tax-exempt organization are eligible to receive tax-deductible contributions.
Remember, if you are a taxpayer over age 70 ½, you must take your required minimum distribution from your individual retirement accounts or your workplace retirement plan for 2017. However, there is a special rule that does allow those who turned 70 ½ over the course of 2017 to wait until April 1, 2018, before receiving their distributions.
Taxpayers generally must make workplace retirement account contributions by the end of the year. However, they can make 2017 IRA contributions until April 17, 2018.