Dale A. Walters, a CPA who is one of the leaders at KeatsConnelly, offers these tax tips for 2017:
1. Be aware that a number of tax forms have new filing deadlines. Key deadline changes under the new law, which took effect Jan. 1 are:
- Partnership (Form 1065): New deadline March 15 (a month earlier)
- Corporation (Form 1120): April 15 (a month later)
Foreign accounts (FinCEN 114): April 15 or Oct. 15 with extension (previous deadline was June 30 with no extension)
2. Maximize charitable contributions that qualify for an Arizona tax credit. Arizona has made positive changes to tax credit programs. Three tax credit programs now allow you to donate up to the filing date to qualify as a credit in the previous year. Also, maximum credit amounts have been increased.
3. Use your IRA’s required minimum distribution to contribute to charity. A person age 70½ or older can donate the required minimum distribution to charity, up to $100,000 per year, without including the distribution in your taxable income.
