{"id":4606,"date":"2017-10-20T00:00:00","date_gmt":"2017-10-20T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/year-end-tax-checklist\/"},"modified":"2022-02-04T19:35:52","modified_gmt":"2022-02-04T23:35:52","slug":"year-end-tax-checklist","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2017\/10\/20\/year-end-tax-checklist\/","title":{"rendered":"Year-end tax checklist"},"content":{"rendered":"\n<p>As the year draws to a close, there are several tax-saving ideas you should consider. Use this checklist to make sure you don\u2019t miss an opportunity before the year is out.<\/p>\n\n\n\n<ul><li><strong>Retirement distributions and contributions.<\/strong>&nbsp;Make final contributions to your qualified retirement plan, and take any required minimum distributions from your retirement accounts. The penalty for not taking minimum distributions can be high.<\/li><li><strong>Investment management.<\/strong>&nbsp;Rebalance your investment portfolio, and take any final investment gains and losses. Capital losses can be used to net against your capital gains. You can also take up to $3,000 of capital losses in excess of capital gains each year and use it to lower your ordinary income.<\/li><li><strong>Last-minute charitable giving.<\/strong>&nbsp;Make a late-year charitable donation. Even better, make the donation with appreciated stock you\u2019ve owned more than a year. You can often can make a larger donation \u2013 and get a larger deduction \u2013 without paying capital gains taxes.<\/li><li><strong>Noncash contribution opportunity.<\/strong>&nbsp;Gather up noncash items for donation, document the items and give those in good condition to your favorite charity. Make sure you get a receipt from the charity, and take a photo of the items donated just in case.<\/li><li><strong>Gifts to dependents and others.<\/strong>&nbsp;You may provide gifts to an individual tax-free of up to $14,000 per year in total. Remember that all gifts given (birthdays, holidays, etc.) count toward the total.<\/li><li><strong>Organize records now.<\/strong>&nbsp;Start collecting and organizing your end-of-year tax records. Estimate your tax liability and make any required estimated tax payments.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>As the year draws to a close, there are several tax-saving ideas you should consider. Use this checklist to make sure you don&#8217;t miss an opportunity before the year is out.<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":"","footnotes":""},"categories":[46],"tags":[48],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4606"}],"collection":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/comments?post=4606"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4606\/revisions"}],"predecessor-version":[{"id":5056,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4606\/revisions\/5056"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}