2017 Year-end Tax Checklist




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Dec 01, 2017

As the year draws to a close, there are several tax-saving ideas you should consider. Use this checklist to make sure you do not miss an opportunity before the year is out.

Retirement distributions and contributions. Make final contributions to your qualified retirement plan, and take any required minimum distributions from your retirement accounts. The penalty for not taking minimum distributions can be high.

Investment management. Rebalance your investment portfolio, and take any final investment gains and losses. Capital losses can be used to net against your capital gains. You can also take up to $3,000 of capital losses in excess of capital gains each year and use it to lower your ordinary income.

Last-minute charitable giving. Make a late-year charitable donation. Even better, make the donation with appreciated stock you have owned more than a year. You can often make a larger donation - and get a larger deduction - without paying capital gains taxes.

Noncash contribution opportunity. Gather up noncash items for donation, document the items and give those in good condition to your favorite charity. Make sure you get a receipt from the charity, and take a photo of the items donated just in case.

Gifts to dependents and others. You may provide gifts to an individual tax-free of up to $14,000 per year in total. Remember that all gifts given (birthdays, holidays, etc.) count toward the total.

Organize records now. Start collecting and organizing your end-of-year tax records. Estimate your tax liability and make any required estimated tax payments.

If you would like help determining what year-end tax moves are the most beneficial for your situation, please reach out to any of the accountants or investment advisor representatives at Terry Lockridge & Dunn or World Trend Financial.


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