Catch up on 10 days: 10 recommendations for tax optimization at the end of the year

Фото: Depositphotos

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In 2017, the maximum contributions for 401 (k) are as follows: $ 18,000 and $ 24,000, if you are 50 years old or more. These contributions are made before taxes, which reduces your taxable income, so try to make the maximum amount possible within this limit.

If you have an IRA, the amount of contributions is limited to $ 5,500 for 2017 and $ 6,500, if you are 50 years or more. You can make contributions before 15 April 2018, however, the earlier the contribution is made, the faster it will have an effect on your taxes.

For self-employed there Keogh plan, which allows you to make contributions until the end of the tax season, that is, in 2018 until April 15 and, if necessary, is extended for a period of extension of the filing of the declaration (maximum 6 months).

3. Check condition Flexible Showcase (FSA и HSA).

If you have FSA (Flexible Spending Account), make sure that you use all the funds and closed all the applications on this account in order not to lose the deferred money. Remember that the FSA has no transfer of funds for the next year.

In the case of HSA (Health Savings Account) you have the opportunity to transfer funds to the next year in the amount of $ 500, and the surplus is lost, so check the status of this account, and if it is more than $ 500, then you should make purchases that can be attributed to this account, finally visit a doctor or do the necessary medical analysis.

Фото: Depositphotos

4. Sell ​​unprofitable investments to reduce taxable income from profitable

The market in 2017 shows a boom, but if you have unprofitable investments and at the same time you received investment income in 2017, this is a good reason to consider selling losing investments and reduce your total investment income.

5. Make a charitable contribution

Before you make a contribution, make sure that the organization has the appropriate status and is ready to give you a document confirming the charity. Please note that if earlier there were no documents needed for donations up to $ 250 +, now you should have it!

In the case of donations in the form of household items or clothing, keep in mind that you must use the market value for these items in this state. For example, the price at which they can be bought at craigslist.

6. Calculate what will be more profitable for you: standard or classified deduction (standard or itemized deduction)

Before escalating any payments and contributions that can be used for tax deduction, make sure that the total amount of your classified deduction exceeds the standard statutory amount: $ 6,350 for singles and $ 12,700 for married people filing a joint declaration.

Фото: Depositphotos

7. Close the mortgage deal

If you are in the process of obtaining a mortgage, then closing the deal this year can significantly increase the amount of the tax deduction (tax deduction). Remember that the commission for issuing a loan (Loan origination fees) can also be used for deduction, as well as the interest on the mortgage.

8. Make advance tax payments for the fourth quarter in December

Many local taxes for the fourth quarter 2017 must be paid before 15 in January 2018, but if payments are made back in December 2017, they can be used for the tax deduction for 2017 a year.

The same approach works for self-employed: you can reduce your taxable income by making payments in December.

9. Streamline your business expenses

It's time to make sure that you have documented all your expenses and properly arranged them.

In addition, in order not to receive the status of a passive investor and the probability of payment 3,8% Medicare Tax, you should collect and organize all evidence of your active participation in the business, including records of hours and types of activity, letters and meeting minutes.

10. Check if you are a Alternative Minimum Tax (AMT) payer

If you fall under the AMT in 2017, many of the tips on accelerating payments in 2017 may not work for you, because this tax is considered without taking into account such important expenses as local taxes and mortgage interest. Therefore, before making a decision, for example, as in paragraph 8 or 1 of this article, be sure to make sure that you are not an AMT payer.

And the main thing is that don't do it! In anticipation of the introduction of the new law, some tax advisers began recommending that real estate tax payments and a number of other local taxes be made in advance. The new law provided for such actions by the taxpayers and prohibited the advance payments for 2018 in the year in the declaration for 2017.

Of course, all the above tips are of a general nature, and your tax situation is more complicated than the average, so, taking into account all the recommendations, always check whether they apply to you.

This material does not constitute written tax advice or legal advice. Any information from this material is not created for use by the taxpayer in order to avoid any sanctions imposed on the taxpayer, and also can not be the basis for consultation by third parties. Please always consult a professional service before taking any action based on the information from this material. Keep in mind that information may be outdated at the time of reading, and we do not undertake to guarantee the updating of information. Copyright www.Solven.pro. Xnumx

Original article published on the site Solven.pro and reprinted with permission of the author.

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