As taxpayers and tax professionals race to finish up their tax returns by April 18, or opt to file for an extension, there are still a few last-minute things they can do, along with plenty to think about for next year.
“There’s not a lot of last-minute tax planning that can be done, but there are minimal things, like if you haven’t done an IRA contribution, you can both set up an IRA as well as contribute to an IRA if you’re within the limits of what would be a deduction,” said Greg Rosica, a tax partner at Ernst & Young and a contributing author of the EY Tax Guide 2017. “If you haven’t set the account up yet, it’s probably getting close to when the various custodians will still allow you to do that, but nonetheless that can be done up until April 18, next Tuesday, so that can decrease your taxes as well.”
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