Making a List – Your end-of-year Tax Planning Tips


If your list isn’t long enough already, here are a few end of the year tasks to consider.

  • Prepare to make your 4th quarter estimated tax payment by Jan. 16, 2017.
  • Get your 2017 housing amount designated in writing by your church before Jan. 1, 2017.
  • If you have a FLEX medical or dependent care savings plan, use it or lose it!
  • Make your 2016 cash contributions by 12/31/16. If you own appreciated stock, consider transferring it directly to the church or non-profit. You get the tax deduction and avoid capital gains tax. Suggest this to your parishioners, too!
  • Contribute to your church or company retirement plan. 
  • Set up your 2017 pre-tax retirement plan contributions with your church or employer. 
  • Take that Required Minimum Distribution from your tax advantaged retirement account if you are at least 70 1/2, or have a certain inherited IRA.
  • Contribute to a Traditional or Roth IRA. (You actually have until April 18, 2017 to make a 2016 contribution.)
  • Make a tax-free Qualified Charitable Distribution to your favorite charity using your RMD. Special rules apply!
Click here to request a 2016 Custom Clergy Tax Organizer, available January 1!