Important January 2018 Dates
Jan. 10: Does your job include tips? If so and you received $20 in gratuities in December, use Form 4070 to report them today to your employer.
Jan. 12: Now's a good time to start thinking about your 2017 return and get organized so you can get an early start on tax filing.
Jan. 15: Many people spend Martin Luther King Jr. Day as a day of service. Taking time today (or any other) to volunteer at a charity isn't tax deductible, but some costs associated with volunteering could help reduce your tax bill if you itemize. Note, though, that the increased 2018 standard deduction amounts could mean fewer folks will fill out a Schedule A. But tax breaks aren't the real reason most of us give to our favorite nonprofits, so don't let that stop you from doing good deeds today (or any other).
Jan. 16: Do you receive income such as capital gains or from self-employment earnings? Then you need to make estimated tax payments. The final 1040ES voucher for the 2017 tax year is due today.
Jan. 19: Part of your organizational effort should be deciding how you will do your taxes. Will you fill out your Form 1040 yourself using tax software or hire a tax preparer? There are good arguments for both options.
Jan. 22: The IRS hasn't announced when it will start accepting returns, but in past years it's been around this time.
Jan. 26: Your 2017 tax return is the last for a while where you'll be able to claim exemptions so you don't want to waste them. This dollar amount for you, your spouse if you're married and dependents can really help bring your AGI to a lower taxable amount. To ensure you get the most of this tax break, check out the IRS' rules on claiming dependents, both your childrenchildren and other relatives.
Jan. 31: Be on the lookout for all those tax statements, including W-2s, 1099sand Affordable Care Act (Obamacare)documentation that will help you fill out your 1040. Issuers are in most cases required to get the docs on their way to you by today.
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