You can still take action to reduce your 2017 tax bill. Such actions must be completed before the end of 2017. Deductible expenses paid by credit card are deductible in the year they are charged. As the end of the year is getting close, this is a reminder that Sunday, December 31, is the last day that you can make a tax-deductible purchase, pay a tax-deductible expense, make a tax-deductible charitable contribution, or pay tax-credit-qualifying tuition or expenses for 2017. Although many businesses, charitable organizations and government offices will be closed for a long New Year’s holiday weekend, you still have time before then to make charitable contributions and pay deductible taxes.
Article Highlights: Underpayment Penalties Withholding Under-distribution Penalty Required Minimum Distributions IRA to Charity Distributions With the arrival of the holidays, we are thinking about family get-togethers, holiday gifting and parties. But right behind the good times is tax season. Before you get busy with holiday festivities, take the time to consider a couple of things you can do now to avoid or reduce potential penalties on your 2017 tax return. Underpayment Penalty – If you are a wage earner, you may not have had enough income tax withheld from your paycheck to meet your tax liability for the year. Or, if you have wages and also have taxable income from other sources such
Article Highlights: 1099-K Schedule C Uber and Credit Card Fees Record Keeping Vehicle Expense Options Home Office Other Options With tax time approaching, if you drive for Uber, Lyft or a competitor, here is some tax information related to reporting your income. You are considered self-employed and will report your income and deductible expenses on IRS Schedule C to arrive at your taxable income for income tax and self-employment tax. Your driving income will be reported on IRS information Form 1099-K, which reflects the entire amount for your fares charged on credit cards through the Uber reporting system. So if the 1099-K includes the total charges, then it also includes the Uber fee a
