As you may have heard, Congress just passed the new tax bill a few minutes ago. There is extremely limited time left to take action that could substantially reduce your tax liability for 2017 and better position you for the changes that take effect on January 1, 2018.
(Your situation may vary, so please email me before taking any action.)
Only 11 days left (ever) for most families to pay real estate taxes and mortgage interest and receive a tax deduction!
The tax bill expected to pass this week means there are only 11 days left for most middle class taxpayers to take advantage of common deductions like state and local income tax, real estate tax, car tax, home mortgage interest, and gifts to charity.
The 2018 elimination of personal deductions and increased standard deduction means most middle class and upper middle class taxpayers will only receive a tax benefit for those items if they are made by December 31, 2017, so consider prepaying your January's mortgage payment!
Waiting until January 1, 2018 or later could cost you over 30% in lost tax benefits that most middle class families will no longer claim from next year! As always, your situation may vary, so talk to us or your tax professional before making any significant moves.