> Get Ready for Taxes: What to Do Before the Tax Year Ends Dec. 31

Get Ready for Taxes: What to Do Before the Tax Year Ends Dec. 31

For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns. For example, charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2017 count for the 2017 tax year, even if the bill isn’t paid until 2018. Checks to a charity count for 2017 as long as they are mailed by the last day of the year.

Taxpayers who are over age 70 1/2 are generally required to receive payments from their individual retirement accounts and workplace retirement plans by the end of 2017, though a special rule allows those who reached 70 1/2 in 2017 to wait until April 1, 2018, to receive them.

Most workplace retirement account contributions should be made by the end of the year, but taxpayers can make 2017 IRA contributions until April 18, 2018. For 2018, the limit for a 401(k) is $18,500. For traditional and Roth IRAs, the limit is $6,500 if age 50 or older and up to $15,500 for a Simple IRA for age 50 or older. Check IRS.gov for more information about cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018.

Taxpayers should be careful not to count on getting a refund by a certain date, especially when making major purchases or paying other financial obligations. Taxpayers can take steps now to make sure the IRS can process their return next year.

Taxpayers who have moved should tell the US Postal Service, employers and the IRS. To notify the IRS, mail IRS Form 8822, Change of Address, to the address listed on the form’s instructions. For taxpayers who purchase health insurance through the Health Insurance Marketplace, they should also notify the Marketplace when they move out of the area covered by their current Marketplace plan.

For name changes due to marriage or divorce, notify the Social Security Administration so the new name will match IRS and SSA records. Also notify the SSA if a dependent’s name changed. A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of a return and may even delay a refund.

Some refunds cannot be issued before mid-February. By law, the IRS cannot issue refunds before mid-February for tax returns that claim the Earned Income Tax Credit or the Additional Child Tax Credit. The IRS expects the earliest EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards starting on Feb 27, 2018, if they chose direct deposit and there are no other issues with the tax return.

Some Individual Taxpayer Identification Numbers must be renewed. Any Individual Taxpayer Identification Number not used on a tax return at least once in the past three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 (Example: 9XX-70-XXXX) will also expire at the end of the year. As a reminder, ITINs with middle digits 78 and 79 that expired in 2016 can also be renewed. Only taxpayers who need to file a U.S. federal tax return or are claiming a refund in 2018 must renew their expired ITINs. Affected ITIN holders can avoid delays by starting the renewal process now.

Those who fail to renew before filing a return could face a delayed refund and may be ineligible for some important tax credits. More information, including answers to frequently asked questions is available on IRS.gov/ITIN.

Keeping copies of tax returns is important. Taxpayers may need a copy of their 2016 tax return to make it easier to fill out a 2017 tax return. Some taxpayers using a software product for the first time may need to provide their 2016 Adjusted Gross Income, or AGI, to e-file their 2017 tax return.
Taxpayers who do not have a copy of their 2016 return and are existing users can log in to IRS.gov/account if they need their AGI. Otherwise the IRS will mail a Tax Return Transcript if requested online or by calling 800-908-9946. Plan ahead. Allow five to 10 days for delivery. Learn more about identification verification and electronically signing tax returns.

The IRS has a special page on IRS.gov with steps to take now for the 2018 tax filing season.


Events

Have A Heart for Mary's Place
All of February at Local Area Businesses
Co Existing with Wildlife
Feb 22 at Windsor Public Library
Windsor Police Community Forum
Feb 22 at Windsor Town Hall - 275 Broad Street
Black History Jeopardy
Feb 23 at Windsor Town Hall, Council Chambers
Book Babies
Fridays at Windsor Public Library
Date Night BOGO 1/2 Off
Fridays at Menchie's Frozen Yogurt 1095 Kennedy Rd Windsor, CT 06074
Fish Fry Friday
Feb 23 at The Tavern at Keney Park.. 171 Windsor Avenue Windsor CT 06095
Wine & Whiskey Tasting
Feb 23 at The Tavern at Keney Park
Cross-country Skiing & Snowshoeing
Saturdays and Sundays at Northwest Park, 145 Lang Road, Windsor, CT 0695
Steak Dinner
Feb 24 at The Tavern at Keney Park.. 171 Windsor Avenue Windsor CT 06095
Police Cadets Spaghetti Supper
Feb 24 at Trinity United Methodist Church
Cross-country Skiing & Snowshoeing
Saturdays and Sundays at Northwest Park, 145 Lang Road, Windsor, CT 0695
Open Skate at Loomis Ice Rink
Most Sundays at Loomis Chaffee Ice Rink - Island Road
The Breakfast Club & Brunch All Day
Sundays at The Tavern at Keney Park, 171 Windsor Avenue Windsor CT 06095
Ballroom Dancing for Beginners
Feb 26 at Windsor High School Cafeteria
Monday Morning Book Club
Feb 26 at Windsor Public Library
Senior Citizen Day at Menchie's
Feb 26 at Menchie's Frozen Yogurt
Talk & Toys
Feb 26 at Windsor Public Library
Vigorous Kripalu Yoga
Feb 26 at Windsor High School J105
Young Artists After School Program
Feb 26 at Windsor Art Center Studios
Oscar Nominee Series
Feb 27 at Windsor Public Library
$5 Wednesday
Wednesdays at Menchie's Frozen Yogurt 1095 Kennedy Rd Windsor, CT 06074
Bring Your Gadgets to the Geeks
Wednesdays at Windsor Public Library
Budget Wkshp for Windsor Residents
Feb 28 at Windsor Town Hall - 275 Broad Street
Community Dancing
Wednesdays at Windsor High School Cafeteria
Harriet Tubman History Performance
Feb 28 at LP Wilson Community Center Auditorium
Prime Rib Buffet
Feb 28 at Tavern at Keney Park 171 Windsor Ave Windsor, CT
Wacky Wednesdays
Feb 28 at The Tavern at Keney Park.. 171 Windsor Avenue Windsor CT 06095
FREE Genealogy Support Group
Mar 1 at Windsor Historical Society
Traditional and Modern Community Dan
Mar 1 at Windsor High School Cafeteria
Book Babies
Fridays at Windsor Public Library
Date Night BOGO 1/2 Off
Fridays at Menchie's Frozen Yogurt 1095 Kennedy Rd Windsor, CT 06074
Fish Fry Friday
Mar 2 at The Tavern at Keney Park.. 171 Windsor Avenue Windsor CT 06095
Friday Night Lights
Mar 2 at Community Center at 330 Windsor Avenue
Cross-country Skiing & Snowshoeing
Saturdays and Sundays at Northwest Park, 145 Lang Road, Windsor, CT 0695
Hearth Cooking Demo & Cookie Deco!
Mar 3 at Windsor Historical Society
It's the Windsor Feud!
Mar 3 at Windsor Town Hall and live on Win-TV and Win-TV.org
Northwest Park Coffeehouse Concert
Mar 3 at Northwest Park Nature Center 145 Lang Road Windsor CT
It's the Windsor Feud!
Mar 3 at Windsor Town Hall and live on Win-TV and Win-TV.org
Windsor Business Connections
1st Wednesday unless noted
Windsor Business Connections
1st Wednesday unless noted
Windsor Chamber Cares Auction
Apr 6 at Maneely's Banquet and Catering - 65 Rye St, South Windsor, CT