Trump’s Tax Plan May Eliminate Your State Tax Deduction
Be sure to make your 2017 4th State Estimated Payments BEFORE December 31, so you can deduct them on your 2017 Federal Income Tax Returns.
Remember, you are a cash basis taxpayer which means you can only take deductions when you actually pay them. If you pay your 4th State Estimated Payment after Dec 31, it is not deductible in 2017 and with the proposed tax changes that may be coming, they will no longer be deductible after 2017.
On a similar note, you may want to prepay real estate taxes in 2017 for 2018 as the proposed tax changes are going to eliminate or put a cap of $10,000 on our property tax deductions.
Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
#cpa #TaxReform #POTUS #irs
