Important - Tax Reform

As you probably already know, with the recent tax reform, beginning in 2018, state income tax and property tax deductions will be capped at a combined $10,000. The standard deduction will be increased to $24,000 for married filing joint tax filers. Generally, unless you have mortgage interest and charitable contributions of at least $14,000, you will be unable itemize your deductions beginning in 2018.

Some municipalities are accepting payments of 2018 property taxes prior to December 31, 2017. To determine if your Municipality is accepting the payment, contact your local tax collector. If the tax payment is made prior to December 31, 2017, you may be able to deduct this payment on your 2017 income tax return.

If you wait until 2018 to pay the taxes you may lose the benefit of the deduction.

For those individuals who have been subject to the Alternative Minimum Tax ("AMT"), there may be no tax benefit for you to make the payment prior to 12/31/17.

Best wishes for an enjoyable holiday season and Happy New Year from all of us at LaDelfa, Schoder & Walker, P.C.

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