https://clergytaxpro.net/taxes/wp-content/uploads/2016/12/logo-dark-300x83.png 0 0 Susan https://clergytaxpro.net/taxes/wp-content/uploads/2016/12/logo-dark-300x83.png Susan2016-12-19 18:03:312017-02-06 15:07:21Making a List - Your end-of-year Tax Planning Tips
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!