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Countdown to Tax Day

woman thinking about taxes

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.

  1. 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.

  2. Retirement
    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).

  3. 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
  4. Organization
    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.

  5. Deductions
    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.

  6. Donations
    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.

  7. 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.
  8.  
    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.

    1To be eligible for this bonus offer, you must click on the link in this blog post and follow these instructions. This offer is valid for either (a) new Lending Club IRA accounts that are opened and into which New Funds are deposited by April 30, 2017 and such New Funds are invested by June 30, 2017 or (b) existing Lending Club IRA accounts that deposit New Funds by April 30, 2017 and such New Funds are invested by June 30, 2017. For purposes of this offer, “New Funds” means the amount of increase in the Available Cash of an eligible IRA account (as displayed on the Summary account page) resulting from the transfer (in one or more transfers) of funds from an external bank account (i.e. excluding principal and interest received on Notes then held in such account, if applicable) (i) for existing Lending Club IRA accounts, from 11:59 PM on the date prior to Lending Club posting this blog through the deposit deadline day listed above and (ii) for new Lending Club IRA accounts from the date of account registration through the deposit deadline day listed above. For purposes of this offer, “invest”, “investment”, or “investing” means funds have been used to purchase Notes through the Lending Club platform. Purchases of Notes on the Folio Investing Note Trading Platform** or any other secondary market do not qualify as investing. The amount of any bonus will be determined based on both the amount of New Funds transferred from external accounts before the deposit deadline day listed above and the amount of those New Funds invested by June 30, 2017. The account credit, if awarded, will be processed by August 31, 2017. Bonuses available: Transfer and invest $5,000 to $9,999 and get a $150 bonus to invest; transfer and invest $10,000 to $24,999 and get a $300 bonus to invest; transfer and invest $25,000 to $49,999 and get a $750 bonus to invest; transfer and invest $50,000 to $99,999 and get a $1,500 bonus to invest; transfer and invest $100,000 or more and get a $3,000 bonus to invest. Existing account balances will not be considered in determining eligibility for the amount of any bonus described in this offer. All bonuses are given as an account credit. All bonuses are for investment purposes only and will not be available for withdrawal or transfer from your Lending Club IRA account. Bonuses and account credits may be subject to U.S. withholding taxes and any taxes related to the bonus or credit are your responsibility. Maximum bonus is $3,000. Offer not valid for taxable accounts. One bonus per account. Bonus program may be changed or discontinued at any time without notice. Consult your tax professional regarding limits on contributions, depositing and rolling over qualified assets, and to determine whether an IRA may be the right choice for you. Lending Club does not provide investment advice, and the information presented here is not intended to be investment, tax, or legal advice. ** Folio Investments, Inc. (“Folio Investing”) is a registered broker-dealer and member of FINRA and SIPC and operates the Note Trading Platform. Folio Investing is based in McLean, VA and is not affiliated with Lending Club. Folio Investing has no role in the original issuance of the Notes and is not responsible for and does not approve, endorse, review, recommend or guarantee the Notes or the accuracy, reliability, or completeness of any data or information about the Notes. More information about Folio Investing is available at www.folioinvesting.com.

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