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What to do before the year is over

Posted by Admin Posted on Dec 14 2016

The end of the year is upon us, but you can still do a few things before the year is over.  Here are a few tips from the IRS:

- Deductible donations can be charged to a credit card now and paid in 2017, as well as checks can be mailed before the end of the year in order for them to be counted as 2016 donations.

- Retired taxpayers who reach the age of 70 1/2 during 2016 can wait to take their first RMD from their IRA or workplace retirement until April 1, 2017. In turn, individuals have until April 18, 2017 to contribute to an IRA account and receive a deduction for their contribution (check with us to make sure you qualify).

- Notify the IRS, employers and the postal service of any changes in your address.

- If your name changes, you must notify the Social Security Administration in order for them to match your name with the IRS records. 

- Taxpayers who file returns using ITINs may be subject to having to renew their numbers. If you did not use your ITIN at least once in the last three years, it will not be valid. Also, ITINs with middle digits 78 or 79 are also subject to expiration. Call our office if you are not sure about your ITIN number, or you received a notice of expiration.

- Always keep copies of your tax returns. 

Please call our office with any questions or if you require any year-end planning. 

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