In IR-2017-201, the IRS "reminds taxpayers there are things they should do now to get ready for filing season."
With the continued effort by the IRS to make the entire tax system more secure, there are a number of actions taxpayers can take to plan for a smooth tax filing experience. These seven IRS year-end tips will be helpful for all taxpayers.
Charitable Gifts - Your charitable gifts must be delivered by December 31. Checks postmarked in the U.S. Mail before year-end will qualify, even if the checks are cashed by the nonprofit in January. Credit card gifts by December 31 also qualify, even if you pay the bill in January.
IRA Distributions - If you are over age 70½, you must take a required minimum distribution (RMD) from your traditional IRA. Normally, this RMD starts at about 3.8% of your IRA balance. If you reach age 70½ in 2017, you may wait and take the first distribution on April 1, 2018. If you are...More