Key individual deadlines for the remainder of 2017
While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of.
News & Tech Tips
Is a timely postmark enough to avoid late-filing penalties?
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient.
Saving tax with home-related deductions and exclusions
Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017:
Are you eligible for the American Opportunity credit?
If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return.
Is it too late for 2016 IRA contributions?
There’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016 contribution is likely a good idea.