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.
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.
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