A Little Secret That I Received From My Accountant


A little something that I received from my Accountant.

The new tax bill will limit the deductibility of state and local taxes (SALT) next year, capping the deduction to $10,000. If you usually itemize your deductions and have combined state income tax and local property tax of over $10,000, then this will cost you next year.

SALT taxes are deductible in the year in which they are paid so it may be beneficial to you to try to pay next year’s property taxes in advance before the end of this year 2017. Not all jurisdictions are accepting pre-payments, but some are.

Call your local town assessor’s office and see if you can take advantage.