New Tax Bill

The new tax bill was signed yesterday by President Trump. There are a few things you can do for the remainder of the year.

1. Load up on deductions for 2017 as it will be likely worth more in 2017 than 2018. This is especially true for job expenses since its going away in 2018.
This only applies if you itemize by the way.

2. Prepay your property taxes for 2018, if the assessor will accept it. This is only good if you itemize and are not subject to AMT. Governor Cuomo has issued an executive order helping some taxpayers.

3. Delay income for 2017 since the tax rate will be lower and why should you pay taxes in 4 1/2 months when if you wait a week or so, you can delay payment until April 15, 2019.