The Tax Cuts and Jobs Act has been swiftly progressing through legislature to become law, which will impact all of our tax returns. The proposed effective date of this Act is January 1, 2018. Therefore, 2017 tax laws and preparation should remain much the same for your 2017 tax return. The Tax Cuts and Jobs Act will eliminate many of the deductions we’ve been enjoying over the past 30+ years, which makes the remainder of 2017 all that much more important for tax planning. Yes, there are some tax planning strategies you can make, before December 31, 2017, to help maximize your 2017 credits and deductions to increase your tax refund (or decrease tax liability).
A few of the Tax Planning Strategies you many want to consider are:
- Pre-Pay Property Taxes that are not due until 2018 before December 31, 2017.
- Pre-Pay Mortgage Payments that are not due until 2018 before December 31, 2017.
- Give Gifts to Charity before December 31, 2017. To check for qualified charities eligible for the tax deduction, see this link https://www.irs.gov/charities-non-profits/exempt-organizations-select-check.
- Pay Medical Bills that you have outstanding.
- Consider Contributing to Traditional IRA. You have until April 15, 2018 to fund the contribution & still be eligible for a tax deduction on your 2017 tax return.
- Pay off Student Loans if possible.
Each one of us has a different tax situation. Therefore, to best effectively utilize the credits and deductions available to you on your 2017 tax return, please schedule an appointment with me to review your tax situation. Appointments must be scheduled and reserved with $85 payment. You can call or email me at 920-277-2991 or tinak@integrityintaxllc.com.
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