ScaredtoQuit
Recycles dryer sheets
- Joined
- Jan 3, 2007
- Messages
- 211
Unfortunately, the new tax bill will probably end up hiking taxes for people who itemize heavily and some people with large families. (due to the loss of exemptions) Especially vulnerable are those who make between $150K and about $400K. That includes me and I'm sure a large number of other people on this board. I am taking the following measures to postpone some of the pain for perhaps one more year:
I will pay my 2018 real estate taxes in advance during 2017 thereby creating a windfall on my 2017 tax liability. Since my 2018 real estate taxes will already have been paid, that will enable me to deduct state and local taxes one last time during 2018.
I already have an appointment for some periodontal work with my dentist in February 2018. I intend to make an estimated payment in advance for this work before the end of the year thus gaining one last medical write-off for 2017.
I have also considered the possibility of making some charitable contributions that I would otherwise have made during 2018 in advance (before the end of the year). However, as I think about it, I'm unlikely to actually do this because I'm going to be broke from advancing all of this other $$$
Any of you guys thinking about how to mitigate the impact of this coming tax hike?? I'd love to get some additional ideas.
I will pay my 2018 real estate taxes in advance during 2017 thereby creating a windfall on my 2017 tax liability. Since my 2018 real estate taxes will already have been paid, that will enable me to deduct state and local taxes one last time during 2018.
I already have an appointment for some periodontal work with my dentist in February 2018. I intend to make an estimated payment in advance for this work before the end of the year thus gaining one last medical write-off for 2017.
I have also considered the possibility of making some charitable contributions that I would otherwise have made during 2018 in advance (before the end of the year). However, as I think about it, I'm unlikely to actually do this because I'm going to be broke from advancing all of this other $$$
Any of you guys thinking about how to mitigate the impact of this coming tax hike?? I'd love to get some additional ideas.