With the 2016 tax season wrapping up (extension deadline of 10/15/17 approaching), now is a good time to begin thinking about year-end tax planning for the 2017 tax year. Some important tax items to consider if they occurred during 2017:
1. Received a large bonus or will receive a year-end from your employer
2. Sold stock for a large gain
3. Change of filing status (married to single, single to married, married to widower/widow, etc)
4. Child born
5. Child turned 18 in 2017 (loss of child credit)
6. Taxpayer or dependent became a college student
7. Began taking care of an elderly parent
8. Started a business
9. Sold a business
These are just some things to keep in mind for tax planning before the end of the year.
Keep in mind, taxes are paid by taxpayers through withholding taxes from paychecks and through estimated tax payments if self-employed or you have income not subject to withholding such as pensions, interest, or dividends. If you need help assessing whether you will need to make estimated tax payments, please contact LFC office for assistance.
The 4th quarter estimated tax payment is due 1/15/18.
