Last Minute Tax Strategies for 2017
Diane Hotzelt Cloeren
December 14, 2017
With the potential for major tax changes looming on the horizon, here are a few last-minute strategies taxpayers can implement to potentially save on their 2017 tax bill.
- Taxpayers who make estimated tax payments have until January 15 to pay their fourth quarter 2017 taxes, but with this deduction being either eliminated or limited, you could save more by making that final payment before the end of the year.
- Consider prepaying your property taxes for next year. Not only will you be able to deduct more of any bill that is greater than $10,000 in 2017, but you may also receive a larger benefit in 2017 under the current income tax brackets and rates. Please note that the payments must be applied as payments by the tax collector and cannot be held as deposits or in escrow.
- Make charitable contributions now.
- Pay your January 1, 2018 mortgage payment in December, 2017. This deduction is not predicted to go away, however, an increased standard deduction in 2018 may translate to your wanting the benefit of any itemization in the 2017 tax year