Now is the time to start getting your tax records together and organizing your filing system. You’ll be glad you did once tax season arrives!
If you plan to itemize deductions such as charitable contributions, mortgage interest, and property taxes, make sure you pay for the deductible items during this calendar year.
Any 401(k) contributions that you want to count on your tax return must be made by Dec. 31, but you can make IRA contributions up until the April tax deadline next year and still count them on your 2016 tax return.
If you’re a retiree who is more than 70 1/2 and you have an IRA or other retirement plan, make sure you receive your required minimum distribution amount (RMD).
IRS Publication 969 explains choices you can make this year about a flexible spending arrangement (FSA) that gives you options to use tax-free dollars to pay certain medical expenses next year.