Money Talks News - That time of year is almost here again. No not Christmas, taxes.
Now's the time to do some planning to make next April a lot less taxing. And the sooner taxpayers get started, the better off they'll be.
Sure, there are changes afoot as Congress tackles tax reform. But no matter what happens, there are things that will likely still work for 2017.
Example: A tax credit for energy savings. Install a solar system and possibly get a credit for 30 percent of the cost. To see other things that qualify, visit here.
Use stock market or other investment losses to offset gains elsewhere, or to reduce taxable income. Taxpayers can wait till December 31 for this, but might as well start looking things over now.
And then there's the retirement plan. Until next April, people can fund that IRA, but they've only got till year-end to max their 401(k).
It's possible to stash away $18,000 for anyone under 50 and up to $24,000 for anyone who will be 50 by Dec. 31. It's good to up contributions now than to spread the pain over a couple of months.
Then there's donations. No one really wants to wait till the year-end to hunt for stuff to donate for deductions. Start cleaning house now. Anyone who is going to contribute cash, spreading it out will ease the pain.
Could these breaks go away under tax reform? Possible, but not likely. So before holiday shopping starts, shop for a few tax breaks. For more information go to the Money Talks News website and do a search for "Taxes".