Tax Prepayment Information for Property Owners

Tompkins County residents should pay their taxes right now

Many Bay Area homeowners are rushing to pay their spring property tax installments in an attempt to squeeze a last deduction in this year before the GOP tax plan takes effect.

As of Friday, 350 people had showed up to the office of McHenry County Treasurer Glenda Miller to pay their property taxes early.

The basic advice is: Do everything you can to load up on tax deductions in 2017.

"If you have the cash now, it's better to load up on charitable donations this year", said Andrew Jones, a tax attorney in San Francisco. It appears the tax bill writers made a technical mistake, and it's unclear whether they will correct it.

At the moment, people who are classified as employees can deduct a lot of their unreimbursed business expenses on their taxes if the total is more than 2 percent of your adjusted income. "Ultimately, it will be up to the IRS to determine if the prepayment of 2018 property taxes are deductible for the 2017 tax year". "We will accept payments forward on next year's taxes, if people want to do that to maximize their deductions".

"Well, the bill would allow full deductibility of homeowners' property taxes on their state income taxes".

The individual income tax is what makes numerous benefits and programs provided by the federal government possible, but having the rate set too high can have serious consequences on the financial situation of individuals and their families, as well as overall economic growth. Please note that to pay school taxes, search year 2017; and to pay City taxes, search year 2018. But that deduction is going away entirely in 2018. "It's all a matter of looking at your previous year and saying, 'If all this goes away, what is going to be left?'"

With the standard deduction having gone from $12,600 to $24,000 for married-filing-jointly returns - for single filers, the deduction goes from $6,350 to $12,000 - the threshold at which taxpayers get benefits from itemizing deductions will be much harder to meet next year, she said. For example: one easy trick could pay you as much as $16,122 more. each year!

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Other deductions have been repealed as well, such as alimony, tax-preparation fees and casualty losses. "I really believe people give because they want to". You can also pay a portion of the second installment.

"Try to prepay your accountant", says James Brockway, a tax expert who is of counsel at Withers Bergman in the New Haven, Conn., office.

- Fifth, delay income until 2018 (if possible).

Small business tax cuts is not a partisan issue, it's an American issue. The earliest you can pay the bill is the warrant date of December 27. "We have a very generous community, and it has delighted me since I moved here 20 years ago".

"They are just wanting to prepare themselves for this new legislation that is coming into effect", Scott said of the calls.

Finally, there are quite a few tax items you don't need to stress about. But in the final bill that went to Trump's desk, there are no changes to the student loan interest deduction, the extraordinary medical expense deduction, the teacher classroom supply credit, the electronic vehicle credit, the tuition waiver for graduate students and the capital gains rules on selling your home.

"For people that make more than $200,000, they're caught up in alternate minimum tax, which basically disallows income and real estate taxes to get you back to a minimum level", said Dan Connolly, a CPA and partner at Connolly & Co. P.C.



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