Year end tax tips 2017

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  #1  
Old 11-08-2017, 03:13 PM
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Bloom&Company Bloom&Company is offline
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Default Year end tax tips 2017

Year-End Tax Tips for 2017

Call Bob Bloom, CPA, Bloom& Company, to start planning your tax strategy for 2017. A Villages resident, licensed in Florida, and experienced with his own practice for over 35 years in Seattle, Washington. Bob offers a boutique tax service in The Villages where he will come to your home and meet one to one, providing confidential tax planning services. He will also bring your return back to you, and provide you consultation, planning and be on call to you to answer your questions and concerns. Please see recommendations on Talk of The Villages. Reasonably priced, professional, knowledgeable, trustworthy, and kind. Call Bob Bloom CPA 425 941 5224

One of the most important things you can do right now is to get a handle on a good, solid estimate of your current year's tax liability. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. Estimated tax payments are due the 15th of April, June, September and January. The IRS has offered some tax relief for Sumter County residents making their final estimate due on January 31st.
After you have a handle on what your tax picture looks like right now, you can look at ways to potentially reduce taxes. There are various strategies that can be employed to either reduce or defer your taxes, and a few are discussed below.
Accelerating deductions/postponing income. If you believe that you will be in a lower tax bracket in 2018 than you were in 2017, these strategies may work for you. Some steps to take to accelerate deductions include making any anticipated 2018 charitable contributions in 2017 and prepaying your property and state income taxes. This is particularly important if you think the proposed tax legislation will pass and be effective for 2018.
Another option would be to sell some investments that have created a capital loss. You can take a net loss of $3,000 each year against ordinary income, with any excess being carried over to future years.
Here are some other strategies to consider:
If you're 70½ or older, you can satisfy your minimum required distribution from retirement accounts by making a charitable contribution directly to the charity from your individual retirement account. The amount, then, is not included in your income. This strategy has the potential to affect how much of your Social Security is taxed and how much you will pay for Medicare parts B and D. This strategy also gets a double bang for your buck if your deductions aren't high enough to itemize!
If you are in a low tax bracket in a particular year, consider converting any traditional IRA to a Roth IRA. You will have to pay the tax on it now, but it will grow tax-free and you won't be taxed when you take distributions in retirement. It is also a great way to reduce those required minimum distributions. You can also change your mind up to a certain point later on and reverse the conversion.
If you plan to gift money to an adult child who is in the 10 percent to 15 percent tax bracket, consider gifting him/her appreciated securities. When he/she sells, the capital-gains tax rate could be zero percent, depending on how much other income they have.
And when estimating your income in any given year, don't forget to consider whether you are subject to the alternative minimum tax — this can change everything.
Don't wait until 1099s start arriving, to begin gathering your data for filing. The top priority and most important tax-planning advice is to file as early as possible to avoid tax-return identity theft. Have all backup data possible in early January so that when 1099s do arrive, you are ready to file.
Bob Bloom CPA 425 941 5224
  #2  
Old 11-08-2017, 04:37 PM
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manaboutown manaboutown is offline
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These are excellent ideas. Thank you!
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Old 11-08-2017, 04:52 PM
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Thanks for reading and glad it was helpful to you!
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