One of the big tax law changes for 2018 is the doubling of the standard deduction. If you find yourself among the millions of Americans that who have itemized deductions in the past but will no longer need to, think about pulling some of your normally deductible activities forward into 2017. This way you may be able to one last time get the tax benefits you would otherwise lose. A couple of end of year tax ideas:
- Pay your 2018 property taxes now.
- Make your planned 2018 charitable contributions in 2017.
As always, check with your tax pro first. And they may have some other ideas for you as well.
And click here for a slick calculator the New York Times has put together to give you an idea of how much you’ll save (or pay more) in taxes for 2018.