With the recent passing of the massive"
Tax Cuts and Jobs Act," there is much concern regarding last-minute actions to be taken by taxpayers. For most of you, our recent newsletter's tips are still the best advice we can offer at this time. The easiest deductions for 2017 are (1) making charitable donations, and (2) paying outstanding tax return preparation bills due to us - as long as your check is postmarked by December 30 (our office is closed December 29 and January 1).
Remember that most of the changes will go into effect next year, affecting your 2018 tax returns. Regarding
state and property tax payments
pre-paying for 2018 is deductible on your 2017 returns only if the tax has already been assessed
. Most states have
yet prepared any 2018 tax assessments or bills. Read more from this
IRS Special Edition
Unfortunately, the law is so new and so complex that we cannot make other general recommendations at this time. For those of you with more complicated tax situations, you may want to read this
regarding year-end moves to reduce tax liability next year.
Visit our website for more Tax Tips under the Tools tab!