Christopher Dillon, CPA

CONNECT

Address:

2979 Solomons Island Rd, Unit A-2
Edgewater, MD 21037

Phone:

(410) 956-0125

Fax/Other:

(410) 956-0139

Investment-Related E-mail Address:
Tax-Related E-mail Address:

Tax Organizer

CLICK HERE FOR SALVATION ARMY DONATION SCHEDULE

 

Tax Season 2017

A Letter to My Clients

December 4, 2017

Tax time is just around the corner!!  Here are some ideas to get your information ready for your 2017 tax return compilations:

 

Due to time constraints during tax season – we will require all tax documentation to be dropped off or sent to our office prior to the appointment.  This will enable us to avoid “missing document” problems that can waste time for both of us. We will set an appointment after reviewing documents to ensure the tax return is complete. 

 

PAYMENT FOR SERVICES RENDERED WILL BE DUE AT TIME OF APPOINTMENT.  

Checks, Cash, Visa, Master Card, & Amex accepted. Thank you!

We will need to charge a $50.00 missed appointment fee during tax season because of the time constraint. 24 hour notice is needed if you cannot make an appointment. Please arrive a few minutes early to ensure that your appointment time is maximized.  

 

  • Review tax year 2017 documents for sources of wage/investment income.
  • Gather a list of banks, financial institutions, brokerages, mutual funds, etc. to see what documents you should get by the 1st week of February, 2018.
  • Gather receipts and documents listing your charitable contributions, business expenses, real estate tax payments, mortgage payments (including refi docs-HUD1), student loan interest, etc. 
  • List any estimated tax payments for tax year 2017, both Federal and State.
  • Donate goods or monies to qualified charitable institutions before December 31, 2017 to increase deductions and get a receipt (see enclosed schedule). 
  • Gather dependent/exemption information (SS #'s, date(s) of birth, etc.) that may be needed. The child tax credit is $1,000.00 per child for 2017, AGI limits apply.  Dependent Care Benefits (box 10 on W2) must be set up prior to the end of the year; this can save you money.  Set up Flexible Spending Plans.
  • You may be able to contribute to your IRA up to $5,500.00 before April 15, 2018, deduct it on 2017 taxes.  AGI limits apply.  Education IRA/ESA contribution limits are $2,000.00.  Roth/Traditional IRA contribution limits - $5,500.00 for 2018, extra $1,000.00 if age 50 or over. AGI limits apply. 
  • Self Employed Health Insurance deductions are 100% in 2017; gather business-related expenses for 2017. 
  • New forms requirement -  The Affordable Care Act requires that you disclose whether or not you have health insurance for 2017.  
  • Minimum required distributions - from IRA/Retirement accounts for 2017. 
  • 401K maximum contribution in 2017 is $18,000.00, extra $6,000.00 if over 50.
  • Business mileage deduction - 53.5 cents, Medical mileage rate is 17 cents/mile.  Charitable mileage rate is 14 cents/mile.
  • American Opportunity (education) Credit is up to $2,500, available for the first four years of post secondary education.  Lifetime learning Credit remains.  AGI limits apply. 

See above to download a Tax Organizer.

 

Call for an appointment if you need to establish an IRA, if you have a retirement plan (401K, Simple, or SEP) from a previous employer to rollover, or if you need to establish a retirement plan for yourself or for your company. 

As a registered representative for Cetera Financial Specialists LLC, I am able to create and coordinate a plan for your current and future financial needs.