The new tax reform bill that has been proposed by the House and Senate seeks to limit the deduction of property taxes for 2018 and beyond. While the bill is not yet finalized, it might make sense for you to be proactive on this issue. If you pay more than $10,000 per year in property taxes on your primary residence, it may make sense for you to pay your second property tax installment prior to year-end. We suggest that you reach out to your tax professional to see if this is recommended for your unique situation. This is not a blanket recommendation but it’s something that should be explored prior to year-end.
The team at Vance Wealth provide full wealth advisory services. It’s our mission to help our clients coordinate all financial related issues. We truly believe that our job is to be the quarterback in the financial lives of our clients and ensure that we are delivering proactive advice. We strive to inspire our clients to achieve more.
Please do not wait. If your property taxes exceed $10,000 per year, reach out to your tax professional prior to year – end and see if this strategy can save you money in 2017.
If you are not getting this type of proactive advice from your advisor, the team at Vance Wealth is here to help. We can design a plan to guide your family to help you achieve your financial goals.
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.