Countdown to Tax Day
The deadline for filing your taxes this year is April 18, 2017. It will be here before you know it and you may end up wondering where the time went.
As you start to prepare for filing your tax return, we thought we would share some helpful information and reminders to make your process as easy as possible. As always, check with your tax or financial advisor.
Disclaimer: Lending Club does not provide investment, tax, or legal advice, and this article is not intended as investment, tax, or legal advice. Be sure to consult your tax or investment adviser prior to investing or preparing and filing your tax return.
- Tax Forms
If you have reportable income, your employer most likely mailed out your tax forms around late January to mid-February. However, many companies, asset managers, and other reporting entities will make these tax forms available online as well. Check in with them (by logging into your accounts online or giving them a call) to see whether you can access this information online.
Tax day isn’t only the due date for paying federal and state taxes, it’s also the deadline for making personal contributions toward qualifying retirement accounts. So, Tax day is also a good time to think about your retirement planning. You may want to consider making tax-advantaged contributions to a Traditional IRA, Roth IRA, or other type of retirement account (but be aware of IRS eligibility criteria and limitations on contribution amounts).
- IRA Bonuses
If you are considering contributing to a retirement account, take note that some companies offer a bonus for new IRA investments during tax-season. This might be a good time to shop around to see where your retirement dollars can find solid returns.
Lending Club offers a bonus of up to $3,000 when you open, fund, and invest through a Lending Club IRA.1
Many people choose to do their own taxes through online tax software. If you do, organizing all of your tax information before beginning can help streamline the process and help you complete it in one sitting.
It may be helpful to consider whether there have been any changes in your life or finances that may allow for deductions. Did you get married? Have a child? Purchase a home? Start a new job? These are just some of the changes that could impact an individual’s taxes. Being mindful of any circumstances that weren’t present in previous tax years, accounting for them can be important.
Whether you support arts and culture, education or social welfare, tax season is a great time to take advantage of any donations you may have made to qualified non-profits and charities that you care about. Donations to qualified 501(c)(3) organizations may be 100% tax deductible. Some employers offer a matching donation program, thereby increasing an employee’s contribution to his or her non-profit of choice.
- Go Online. Gone are the days of needing to file your tax return on paper and lining up at the post office. If you file online, taxpayers can now get instant confirmation that their tax returns have been filed if opting to file online. More details available at http://www.irs.gov.tax-filing-information.
Good luck getting through tax season!
Lending Club does not provide investment, tax, or legal advice, and this article is not intended as investment, tax, or legal advice. Be sure to consult your tax or investment adviser prior to investing or preparing and filing your tax return.