|As many of you know, Congress has been causing quite the interest over the past month with the tax changes. As we head into CY18, we will bring as many tidbits as we can to try and save you some $$$. For today, here are two things you might want to do by end of day|
Pre-Pay State Property Taxes that were Already Assessed in 2017
Consider pre-paying your state property tax bill that was assessed and issued in 2017 by the end of the year. The tax bill is putting a $10K aggregate limit on all state and local taxes beginning in 2018. Check your bill as it is common to have it broken into two payments.
Pay Your Q4 2017 State Income Tax
You do not need to wait until April 15th to pay your Q4 2017 state income tax bill. If you pay it in 2017, you should be able to deduct the taxes in 2017 as itemized deductions rather than deducting them in 2018 which will subject them to the $10,000 aggregate limit.
If you are a tax guru like me, you will love the article minngo's accountant* put together! Check it out here Summary of the tax bill
We are not accountants or CPA's, so please consult your tax professional before doing anything
*Brandon Hall is by far one of the smartest individuals I have worked with when it comes to real estate/business. Check him and his team out here