Tax Time: Important Things To Think About

Jewish Community Foundation.

Now that 2016 has come to an end, we look forward to a prosperous 2017. The beginning of the new year also means it is soon time for Tax Day again! Here are some things to avoid and smart tasks to consider during this time.

Plan Ahead:

• File a tax return or extension on time
• Pay any taxes owed via direct bank transfer or check/money order
• Filed an extension by Tax Day? Use the extra 6 months wisely to prepare before the deadline
• Take your time and make sure you have entered everything correctly and completely
• Review and adjust your withholding and W-4 if you currently owe taxes
• Keep all your tax documents, tax return copies and receipts for at least 5 years
• Maximize retirement plan contributions
• Protect your identity by using an Identity Protection PIN provided by the IRS
• Create a system for saving receipts and documentation needed for next year’s filing
• Get what’s yours! Research and take advantage of any IRS credits you may qualify for

Smart Tasks to Consider:

• Open or contribute to a Donor Advised Fund with cash, stocks, real estate or other assets for
• Charitable Giving and receive immediate tax benefits
• Give to Charity – declutter and reap a tax break by donating those things you no longer need or want to charitable organizations
• Consult with your professional advisor regarding tax, financial and trust planning

Things to Avoid:

• Not filing a tax return or extension because you don’t have the money to pay your taxes
• Reporting false information on a tax return
• Paying your tax bill with a high-interest credit card
• Claiming a dependent without a social security number
• Not checking your entries before filing your tax return
• Waiting until the last minute to file your tax return
• Spending your refund as fast as possible
• Taking out a refund anticipation loan
• Ignoring letters from the IRS

The Jewish Community Foundation offers donor support and services with the utmost confidentiality. For questions or more information, call (858) 279-2740 or email info@jcfsandiego.org.