Taking Advantage of the Tax Law Changes

If you itemize in 2017, and you have itemized deductions that are just over the standard deduction floor, you will probably take the larger standard deduction in 2018. If this is the case, make some of next years payments that can be itemized this year. Consider accelerating charitable contributions, discretionary medical expenditures, and pay 2018 State and Local Taxes (SALT). You can also consider deferring income to take advantage of the lower rates going into effect next year.

If your tax planning is for a complex strategy you should contact your CPA before years end.

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