Year End Tax Planning for Tax Year 2017
There are several tax planning measures that you should consider taking advantage of in 2017 before the new tax law changes take effect. Some deductions are going away next year and the standard deduction is increasing which makes 2017 deductions more valuable. Below you will find a list of deductions which are more beneficial to take in 2017 rather than 2018.
- Consider making larger charitable donations in 2017
- Pre-pay your 2018 property taxes if you have been billed and be sure to pay your 2017 property taxes in 2017 (2018 taxes can only be paid early if you have been billed for them; check with your taxing jurisdiction as not all counties allow early payment)
- Pre-pay home equity loan/mortgage
- Pre-pay financial advisor fees & tax preparation fees as you will be unable to deduct all or part of these expenses in 2018