5 Areas Where You Can Still Get 2017 Tax Deductions
Even though it's 2018, you can still claim some deductions on your 2017 taxes, though they're significantly reduced compared to New Year's Eve. But what areas can you still receive deductions in to benefit for the upcoming tax returns?
Here's a quick glance at a few options to consider:
Add to your retirement savings
If you haven't hit your upper deductible limit for your traditional or Roth IRA, you'll want to do so between now and April 15. However, if your retirement plan is an SEP or Keogh plan, you have the option of filing an extension until October 15, 2018 and can make contributions right up to that point that will count against your 2017 taxes.
With the change in tax laws starting in 2018, one major change is the end of itemized deductions. If you've been keeping receipts thinking they may be spread out over multiple years, dig them out so that you can claim them on your 2017 taxes and avoid losing the deduction because of the new laws.
Try a home office deduction
Today's workforce is increasingly mobile, and that often means working from home. To meet that trend, rules covering home office deductions have been loosened over the past few years, making it much easier to qualify. Just remember that the space must be used exclusively for business.
Get your records in order
Though it's not technically a deduction, having all your records in order makes it much easier to quickly check whether a particular deduction may work in your situation, rather than spending hours digging through old receipts in the bottom of a file box.
Check your dependents
Has your household had a change this past year? If you've had an addition, whether a baby, a blended family, a grandchild living with you or an adoption, verify who is claiming that person as a dependent for your deductions.
With next year's tax reform still being explored, taking deductions this year may be the best way to save money in the long run. But what if you're not sure which deductions to take advantage of and which ones will still be here next year? At AccountRely, we're always happy to help. Please feel free to contact our experienced professionals today to learn more.