Certified Public Accountants
   YEAR END TAX TIPS
REMINDER FOR ALL OUR CLIENTS
: Please make sure we have your current email address and other contact information before the end of the year, and remember to change your Client Portal email if necessary (we prefer that it's the same as your contact email)

That will help us a lot when sending your Tax Organizers - thank you!
Time for Taxes Money Financial Accounting Taxation Concept

The end of the year is fast approaching, but there is still time to impact your 2017 tax liability!  Here are some easy tax moves to consider making now. However, as with all tax matters, things can get complicated, so be sure to contact your Tax Manager if you have any questions. 

And remember to always keep good records!

  1. Defer your income if possible
  2. Harvest tax losses to offset any capital gains on investments
  3. Pay college costs early
  4. Contribute to retirement and HSA accounts (you can do this until April 15)
  5. Pay potentially deductible expenses, such as our  tax preparation invoices (call Katie ASAP at 303-951-6020 if you have any outstanding balances!)
  6. Contribute to charities - donations may be deductible on your 2017 returns if you mail a check, charge a credit card, or deliver goods by December 31  
For charitable contributions, you must have a bank record or written statement from the charity for monetary donations of any amount, and you must have a written acknowledgement for all gifts worth $250 or more.  Special rules (and stiff penalties for breaking them) apply to cars, boats and other types of property, so contact your Tax Manager regarding these. 

 Visit our website for more Tax Tips under the Tools tab!

QUALIFIED CHARITABLE DISTRIBUTIONS

This is a great time of year to take advantage of our planning services, and this is a great tax benefit if handled properly - Judith Waligorski, CPA/PFS/CFP

There are many reasons to explore the potential tax benefits of Qualified Charitable Distributions (QCDs) if: 
  • You are at least 70 1/2 years of age
  • You must take Required Minimum Distributions (RMDs) from your Individual Retirement Arrangement (IRA)
  • You plan to donate to a qualified charitable organization such as a 501(c)(3) organization
A QCD is a distribution made directly by the Trustee (at your direction) from your IRA to a qualified charitable organization.  Examples of such organizations are government agencies, animal welfare agencies, churches and other religious institutions, and educational institutions. Before making any charitable contribution, confirm the organization you intend to donate to is a qualified charitable organization.

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'TIS ALSO THE SEASON FOR SCA MS!
  • Check out charities before you donate at www.give.org or www.charitynavigator.org or the IRS Select Check tool
  • When shopping online, avoid public Wi-Fi, look for the HTTPS designation before entering any personal or financial information, and avoid clicking any suspicious links
  • Beware of deals! If they are too-good-to-be-true, they may be scams designed to steal your personal information and/or money
  • Use credit cards rather than debit cards to limit your liability
  • Don't fall for the package delivery phishing emails that look like they are from UPS, FedEx or USPS but are just out for your personal information

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We are grateful for 
your business 
and wish you all  a super, safe and secure  holiday season !
Nancy Carter
Boulder CPA Group
   
Boulder CPA Group
303-449-3060
nancy@bouldercpas.com
http://www.bouldercpas.com