Undoubtedly, most of you have seen the reports in the media and elsewhere with regard to the status of and specifics concerning the tax reform legislation that has worked its way through both Houses of Congress. There are many provisions in this legislation that could impact your income taxes for 2018 and beyond, and we will be analyzing these provisions thoroughly over the coming weeks and months to determine how these provisions will impact you specifically, and what actions you may wish to consider to achieve the best results from a tax standpoint. Although this legislation still requires the signature of the President before it can be enacted into law, we thought it would be helpful to point out a few actions you may wish to consider BEFORE THE END OF 2017 before this tax legislation becomes effective:
- Prepayment of 2018 real estate taxes.
- Prepayment of remaining 2017 state tax liability.
While these actions may have broad-based application, the actual benefit, if any, for making these prepayments is entirely dependent on your individual tax situation. Therefore, we strongly urge you to contact us if you are considering these prepayments so that we can work with you to determine whether you should proceed with these actions.