Tax Update-2017 & 2018

Categories: Blog, Tax Saving Tips
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Check out some tax tips for you or your loved ones-share at your holiday parties…

Please see below some of the items related to personal income taxes which may or may not apply to you in 2018. You can read through the details, but here are some main points for you to consider before the end of the year:
1. Pay your property taxes which are due in January, before the end of this year. There is a provision of AMT applicable to many of yo, but next year it will be capped off at $10000 along with state and local income taxes.
2. If you end up paying local taxes along with your tax return, now is a good time to pay. Send with estimated tax voucher to local agency. Same with State income taxes.
3. If you are planning to give out to charities, do that before the end of the year.
 (The driving force for behind all three points- The Standard Deduction is almost doubled up in 2018. You MAY NOT need to itemize depending upon your situation.
4. If you rolled over your traditional ira during the year to ROTH and value of the account has dropped, convert the amount back to Traditional to save taxes. These re characterizations will not be available in 2018.

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