“Nothing is certain but death and taxes,” says our friend, Ben Franklin, and this year the deadline is April 18, 2017. Why the 18th? April 15 falls on a Saturday and the Washington D.C. Emancipation Day holiday being observed on April 17 instead of April 16, 2017. Therefore, Tax Day is on the following Tuesday, April 18.
There is still time to accomplish some last-minute details before the deadline.
~ Fund your Individual Retirement Account or Roth (IRA). If you are under 50 years of age you may stow away up to $5,500 annually to a traditional IRA or Roth IRA. If you are older than 50, there is a catch-up incentive maxing out at $6500 for your annual contribution. There are income limitations that apply to a Roth IRA just as there are limitations to a traditional IRA depending on how much you are already contributing to your employer-sponsored plan.
~If you are contributing to your child’s college education in a 529 plan or Edvest plan, not only are you saving in a tax-deferred account but an added bonus is the state tax deduction, which varies by state. Of course, you may contribute more than the deducted amount to the account itself. There are many other tax benefits to 529 plans and details are state specific.
~Charitable contributions are required to follow specific stipulations outlined by the Internal Revenue Service (IRS) one of which requires the taxpayer to be donating to a qualified organization. Also, you cannot deduct contributions made to specific individuals, political organizations and candidates.
Visit the IRS website for more details.. https://www.irs.gov/uac/eight-tips-for-deducting-charitable-contribution.