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Last Minute 2017 Tax Ideas

With the 2017 tax year coming to a close, you want to make sure you take advantage of any last minute deductions that you want to get onto your 2017 tax return. A couple items to think about are:

• Charity donations – If you itemize your deductions on a Schedule A and are eligible to deduct your charity donations you need to make the donation by the end of 2017.
• IRA distributions – taxpayers over age 70 ½ should receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017. A special rule allows those who reached 70 ½ in 2017 to wait until April 1, 2018 to receive their distributions.
• IRA contributions – Taxpayers generally must make workplace retirement account contributions by the end of the year but you can make 2017 IRA contributions until April 17, 2018.

Please consult your tax advisor on all the above issues.

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