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The 2017 Tax Year End of Dec. 31 is Fast Approaching

For most taxpayers, December 31st is the last day to make moves that will affect their 2017 tax returns. A perfect example is making a charity donation before the year end to benefit from this tax deduction if you qualify for it via a Schedule A. Donations will include credit card charges made before the end of the year and checks (as long as they are mailed by the last day of the year).

Most workplace retirement account contributions should be made by December 31st but taxpayers can make 2017 IRA contributions until April 18th, 2018.

We also want to stress not counting on getting your refunds by a certain date, such as holding off on a large equipment purchase until you physically receive the money. Some refunds will be held until at least mid-February, those include returns being filed where the Earned Income Tax Credit or the Additional Child Tax Credit are being claimed.

Please consult your tax advisor on all the above information.

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