IMPORTANT State Tax Deduction CAP – Tax Cut Reform

Due to the 2018 Tax Cut Reform, there is now a cap of 10k for any/all state income tax and property taxes beginning 2018, you will want to pay all, if not, as much as you can of your 2017 estimated state income taxes and 7/1/17 – 6/30/18 property taxes before 12/31/17.

This is more important for the taxpayers who itemize their deductions versus use the standard deduction.

If you typically owe the state by April 15th, pay it now to at least get the full deduction.

If you pay your property taxes quarterly, try to pay it in full in 2017.

These checks must be mailed and post-dated before 1/1/18 or the deduction will go on your 2018 tax return and you may miss out on a portion or all of that tax deduction.

Please share this with your friends and family, or this may be one of the tax changes that cost them money.

Email me or call me with any questions!

Taylor Hill
Licensed Tax Consultant (35289-C)

Leave a Reply