For most tax payers, December 31st is the last day to take actions that will impact 2017 tax returns, according to the IRS.

For instance, charitable contributions are deductible in the year made. This means donations charged to a credit card before the end of the year count for the 2017 tax even if the bill isn’t paid until 2018 and checks made to a charity count for 2017 as long as they’re mailed by the last day of the year.

Taxpayers are urged to refrain from preparing their tax returns until all necessary forms and documents are received. Needed documentation includes W-2 forms from employers and 1099 forms from banks and other payers. Continue reading →