Tax peeps - In light of tax bill, are there personal tax actions we should take before this year end? Prepay real estate tax? Increase charitable contributions? Your expertise appreciated.

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^^ #dumbquestion

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Yeah pay as much of it as you can as its gonna be severely limited next year. That and the standard deduction is going up coupled with the loss of personal exemptions so a lot less people are going to itemize and are going to get screwed.

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You should donate all of your money to charity this year for the charitable contribution deduction. I hear the charity KPMG1'sNewBoat could use the funds. I take cash, check, or venmo.

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Thanks to those sharing genuine, good insight. The rest - as usual, there's always a few that fail on professionalism and just use FishB as another outlet for being a smartass.

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Defer income and try to accelerate deductible expenses.

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Pay as much state taxes as possible before year end. To echo others, deductions will be severely limited in 2018 and onward

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Prepaying state income tax won’t help. Prepaying property tax can. Also don’t accelerate charitable contributions because it’s not going away so you can still deduct next year

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People are not going to get screwed because, while it is true that there are fewer deductions, the tax rates go down in almost every bracket.

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Contributions you receive ticket privileges for (like for college football) that are partially deductible now won’t be next year so a lot of people making those donations while they can.

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Prepaying charitable deductions will help if you won’t be itemizing next year.

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Why don’t you collaborate with your tax team internally vs asking random people on Fishbowl?

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You can't prepay your state and local income taxes.

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Yeah EY3 I don’t think you understand the concept of itemizing

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People will get screwed? Tax brackets are going down. Get real.

EY 1, why is that a dumb question? Wouldn’t you trust someone you know giving you advice over random people on the internet?

#SMH

What if you are taking a standard deduction

In my case, I have very little mortgage interest. With state tax & property tax capped at $10k, next year I will definitely take standard deduction. For folks taking itemized deduction in 2017 and standard deduction in 2018, I suggest prepaying property tax (only if you are not in AMT in 2017), and accelerate your donation (pay the 2018 donation by end of this year).

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