For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns. - Charitable contributions are deductible in the year made, as long as they are mailed by the last day of the year.
- Age 70 ½ are generally required to receive minimum distributions from their retirement plans by the end of 2017, though a special rule allows those who reached 70 ½ in 2017 to wait until April 1, 2018, to receive them.
- Make 2017 IRA contributions until April 18, 2018.
- For name changes due to marriage or divorce, notify the Social Security Administration so the new name will match IRS and SSA records.
- Some refunds cannot be issued before mid-February. By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.
- Please be sure to provide us with healthcare forms received, and if you live in MA, to include the MA 1099-HC.
- We will also be requesting a valid driver license or state ID this year to enter into the system to help protect you from fraudulent filings of your tax information.
The IRS has a special page on IRS.gov with steps to take now for the 2018 tax filing season.
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