It's no secret that the new 2018 tax legislation will mean plenty of changes for us. Also, there are provisions of the law that are not being changed in the new legislation that do impact 2017 and 2018.

As we look ahead, we wanted to share some tips for taxpayers to implement before the year end, in order to take advantage of the existing tax law.

Individuals -

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  • Pay your State estimated income taxes in December instead of January. This way, you will get the tax deduction under the 2017 rules.
  • Prepay your real estate taxes.
  • Pay medical bills before year end.

Pay for other work related itemized deductions before year end.

Businesses -

  • Make purchases and incur expenses that would have been made in early 2018 in December to lower 2017 taxable income since 2018 will have a favorable tax rate.

Fixed assets – consider disposing assets at a loss and, purchasing new ones before year end.

We are happy to work with our clients to come up with a plan. Give us a call.