Holy Cow can you believe we have only 14 days left in the year of 2017 !
Which means, counting today, you have 9 business days to get year-end items taken care of. What ! I can’t do stuff after December 29th? No….
So what are these tax saving tips you must do before year end? Well, they are easy but a consideration to make as no one has an idea what tax time 2018 will bring ( at time of writing this no bill has been brought to the Congress to ratify).
If you are self employed and you want to set up a retirement plan it MUST BE IN PLACE before December 31st. See your financial advisor. You may fund it up until April 15th but it must be in place.
If you are over 70 1/2 years young and have an IRA you need to take your required minimum distribution.
If you itemize and want to take charitable contribution deductions you have until December 31st.
State estimated payments, while technically not due until January for 2017, need to be paid on or before December 31st so that you can get the itemized deduction for state taxes paid ( ear-marked to disappear in the tax bill).
Pay your real estate property taxes if you itemize by December 31st. ( also ear-marked to disappear).
And if you have little ones…Santa must get his letter this week! Hate to see what gifts are left when Santa has no clue. He has had my list since the first of December. I’m not taking chances !