{"id":4613,"date":"2017-12-07T00:00:00","date_gmt":"2017-12-07T04:00:00","guid":{"rendered":"https:\/\/www.whitcomb.com\/save-on-your-2017-tax-bill-with-these-last-minute-moves\/"},"modified":"2022-02-04T16:51:58","modified_gmt":"2022-02-04T20:51:58","slug":"save-on-your-2017-tax-bill-with-these-last-minute-moves","status":"publish","type":"post","link":"https:\/\/www.whitcomb.com\/blog\/2017\/12\/07\/save-on-your-2017-tax-bill-with-these-last-minute-moves\/","title":{"rendered":"Save on your 2017 tax bill with these last-minute moves"},"content":{"rendered":"\n<p>You still have time to put yourself in the best tax position possible before the clock strikes midnight on New Year&#8217;s Eve. Follow these five tips and you won&#8217;t be sorry when tax season rolls around.<\/p>\n\n\n\n<ul><li>Make a late-year charitable donation. Even better, make the donation with appreciated stock. You can often receive the higher-value donation without paying capital gains.<\/li><li>Take any required minimum distributions (RMDs) needed. Retirement account RMDs are due by Dec. 31 of each year after you turn age 70\u00bd. Otherwise, you may face a hefty penalty &#8211; up to 50 percent of the amount that should have been withdrawn, on top of the regular tax that is due.<\/li><li>Give gifts to your loved ones. You and your spouse can give up to $14,000 each to as many individuals as you&#8217;d like without tax consequences in 2017.<\/li><li>Solidify your tax status. If a wedding or divorce is in your year-end plans, know that your marital status as of Dec. 31 determines your tax status for the entire year. Changing the dates of an end-of-year event may save in taxes.<\/li><li>Take any final investment gains and losses. Net your capital losses against your higher-taxed ordinary income whenever possible. You can also deduct up to $3,000 in capital losses against ordinary income each year.<\/li><\/ul>\n\n\n\n<p>Holiday donation reminder: Remember, there are better ways to donate than to put cash in the kettle while you&#8217;re out shopping this holiday season. Writing a check is a much better idea as cash donations aren&#8217;t tax-deductible without a receipt, canceled check or statement, which a bell ringer in a Santa suit probably won&#8217;t provide.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You still have time to put yourself in the best tax position possible before the clock strikes midnight on New Year&#8217;s Eve. Follow these five tips and you won&#8217;t be sorry when tax season rolls around.<\/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\/4613"}],"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=4613"}],"version-history":[{"count":1,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4613\/revisions"}],"predecessor-version":[{"id":4899,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/posts\/4613\/revisions\/4899"}],"wp:attachment":[{"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/media?parent=4613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/categories?post=4613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whitcomb.com\/wp-json\/wp\/v2\/tags?post=4613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}