NY Residents And The New Tax Bill

Dated: December 22 2017

Views: 806

Image title

The new tax bill which will soon become law, has provided a few tax saving opportunities you may want to consider. If you expect that you will not be subject to the alternative minimum tax (AMT) in 2017, you may want toconsider prepaying in 2017 the 1stand/or 2nd quarter 2018 property tax billsin 2017 where possible. This is because the deduction for property taxes and state and local income taxes will be limited to $10,000 in 2018. If you prepay the property taxes in 2017, you will be able to deduct the taxes on your 2017 tax return and accelerate your deduction.

If applicable, you may also want to consideraccelerating paying any state estimated taxesthat may be due in 2018 byDecember 31, 2017.

Blog author image

Mary Lovera

In today’s world, our relationships are very important so much so that The Right Relationships can make all the difference. This year marks my 20th year in Real Estate. In that time, I’ve happ....

Want to Advertise on this Site?

Latest Blog Posts

Fall Apples And Apple Cider Vinegar

Fall is my favorite season in Nyack and everywhere else. The cool, crisp air and the fresh apples have always been the best parts of the season for me. And, now I've learned how to make my own Apple

Read More

August Holidays You Probably Did Not Know About

It seems there's a new holiday every time I turn around! There are some interesting ones in the month of August and I thought you'd like to know about them. My favorite? Probably the "Just Because"

Read More

Killing Weeds Naturally Around Nyack

I don't know about you, but my flower beds need a thorough de-weeding! Because of my dogs, though, I don't want to use chemicals to accomplish the task. So, here are some other ways to keep the

Read More

Decreasing Plastic Waste In Nyack

Great article attached regarding "swaps" to make to reduce plastic waste in our everyday lives. And, please be gentle with our watery natural resources (rivers, lakes, oceans, etc.) The number of

Read More
Fair Housing Icon NY Fair Housing Notice