From Lenny's Desk
The Sturbridge Taxman's Blog

Clues to help solve your financial and tax puzzles!

Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA

With 2017 Extension Deadline Passed, All Eyes on 2018

Categories Tax Tips (Fed)

Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year.

Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018.

  1. Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations only in the year the donation is made. There is still time for taxpayers to contribute to a charity before the end of 2017. After several storms this year, many taxpayers are making donations to disaster relief organizations. 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 is eligible to receive tax-deductible contributions.
  2. IRA distributions. Taxpayers over age 70 ½ should receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017. A special rule allows those who reached 70 ½ in 2017 to wait until April 1, 2018 to receive their distributions.
  3. IRA Contributions. 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.

More Information:

This message brought to you by: Cormier & Rea, Inc. Sturbridge MA. Providers of Income tax planning and preparation and financial planning. For more information about this or any other issues regarding income tax planning or preparation or financial planning, feel free to contact us. Like Cormier & Rea, Inc. on Facebook for timely updates.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material may have been developed and produced by a third party to provide information on a topic that may be of interest. Any third party content providers are not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Avantax affiliated financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

Securities offered through Avantax Investment Services℠, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services℠. Insurance services offered through an Avantax affiliated insurance agency. 3200 Olympus Blvd, Suite 100, Dallas, TX 75019 (972) 870-6000.

The Avantax family of companies exclusively provide financial products and services through its financial representatives. Although Avantax Wealth Management® does not provide or supervise tax or accounting services, Avantax representatives may offer these services through their independent outside business. Content, links, and some material within this website may have been created by a third party for use by an Avantax affiliated representative. This content is for educational and informational purposes only and does not represent the views and opinions of Avantax Wealth Management® or its subsidiaries. Avantax Wealth Management® is not responsible for and does not control, adopt, or endorse any content contained on any third party website.