As we approach year end I want to issue a reminder concerning mailing deadlines.
This year, December 31st falls on a Sunday. To ensure a payment qualifies as a deduction in 2017, make sure the payment is postmarked by December 29th unless you find a post office that is open on Saturday, December 30th.
If you are paying 4th quarter 2017 estimated income taxes, you need to pay by the end of the year in order for federal tax to be deducted on the Iowa return and Iowa taxes to be deducted on the federal return.
With the passage of the tax reform bill, this will also be important if you are paying your March property tax, accelerating charitable contributions or paying any deductible expenses so they can be deducted in 2017.
Disclaimer: The items included in the Tax Tip Tuesday Video Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advise contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein