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Important tax tips for 2017


SYLACAUGA, Ala. – The year 2016 flew by and 2017 is already up and rolling. While the New Year brings celebration, the fun times will quickly be replaced with stress for many Americans when it comes to tax season.

Yes, that time of year is already here. The official start of tax season is Jan. 23.

To help you cope with the season, spoke with Partner and Certified Public Accountant at TaylorChandler LLC. in Montgomery, Britt Taylor. Here are his tips to help you get the most out of your taxes  in 2017.

  • Maximize your 401K contributions.
    • Make efforts to contribute to the maximum amount allowable. Taylor said young adults should check on the Roth IRA option.
  • Adjust your state and federal withholding if you plan on receiving a large refund.
  • Take advantage of higher education credits.
    • According to Taylor here are multiple benefits available including the American opportunity credit and the tuition and fees deduction.
  • Make sure your health insurance is in order.
    • It is very important that you know what you need to report to the IRS.
  • Donate something other than cash.
    • Taylor said to clean up around the house, and give the things you no longer want or need to charitable organizations.
  • Give in general.
    • Taylor said the gift tax is free up to $14,000, and if you are married you can double that figure.
  • If you work from home or your home is used regularly for business purposes be sure to take the home office deductions that are available to you.
  • Businesses should take advantage of the section 179 deduction.
    • The section 179 deduction enables business to deduct the full purchase price of qualifying equipment during the tax year.

Jeremy Law for | © 2017, City Media LLC. All Rights Reserved.

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