At Home in Berks October 2017 - 20

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FEATURES

7

Last-Minute
Tax Tips for 2017
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by Elizabeth F. Hassler, Herbein + Company, Inc.

It might not seem possible, but 2017 is winding
down. The holiday season is just around the corner,
and before you know it, we'll be into 2018. From our
point of view, that means that it's time to start getting your taxes in order. There still is time to implement some tax saving ideas and strategies for 2017.

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isted below are the top tax tips for the 2017 tax year. We
suggest that you take a little time to consider how you
might save some additional tax dollars this year.

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Maximize Contributions to 401(K) Plans

If you have a 401(K) plan at work, this is typically the time of
year in which you can change the amount of contribution that
you want to set aside on a tax-free basis. Try to contribute as
much as your budget allows, as any contribution you make directly reduces the amount of wages on which you'll need to pay
federal taxes. Some employers make matching contributions,
so if yours does, try to maximize your contribution so that you
are not giving away "free money."
20

AT HOME IN BERKs October 2017

Take some Capital Losses

Biting the bullet and selling some loser securities before
year-end can help to reduce your tax liability. If the security
is currently worth less than what you paid for it, selling it will
trigger a capital loss which can be used to shelter up to $3,000
of ordinary income. Any capital loss in excess of $3,000 is
carried forward to the next year.

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Contribute appreciated stock

On the other hand, if you have appreciated stock that you've
held for more than one year, consider donating the stock or
mutual fund shares to charity. You'll avoid paying tax on the
appreciation, but are still able to deduct the donated property's
full value as a charitable contribution subject to certain adjusted gross income phase outs.



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