Consider paying 2018 items in 2017

Consider paying 2018 items in 2017

NEW STANDARD DEDUCTION AMOUNTS MEAN YOU MAY NO LONGER HAVE ENOUGH DEDUCTIONS TO ITEMIZE IN 2018

Consider paying the following in 2017 that you would have paid in 2018:

  • Charitable contributions
  • Real estate taxes
  • 4th quarter state and city estimated tax payments
  • Large medical/dental/optical bills if they will exceed 7.5%  of your income
The NEW Standard Deduction amounts beginning in tax year 2018 are:
  • Single and Married Filing Separately: $12,000
  • Head of Household: $18,000
  • Married Filing Joint: $24,000
If your total itemized deductions don’t exceed those amounts in 2018 you will take the Standard Deduction instead. If you don’t itemize in 2018 because of these new Standard Deduction amounts then these deductions won’t help in 2018 but may help in 2017 if you pay them by 12/31/17.

Linda Reinhardt

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