Tax Deduction Preservation Suggestions

December 29th, 2017

Given the passage of the new tax law, please review our suggestions below regarding last minute efforts to preserve deductions.

1. Consider making your January 2018 home equity loan payment and January 2018 mortgage payments in 2017.

2. If you anticipate itemizing your deductions for the 2017 tax year but not doing so in 2018, consider giving the charitable amounts you would normally pay in 2018 in 2017 to maximize your 2017 deductions.

3. If your total taxes in 2018 will exceed $10,000, make your 2017 4th quarter state estimated tax payment in 2017 rather than on 1/15/2018.

4. For W-2 employees with a 2017 home office itemized deduction, you may want to stock up on office supplies in 2017 because the employee home office deduction will be eliminated for 2018.

5. Beginning in 2018, tax preparation expenses will no longer be deductible. You may want to pay any outstanding bills now and prepay your 2018 tax preparation fees.will exceed $10,000, make your 2017 4th quarter state estimated tax payment in 2017 rather than on 1/15/2018.