State and Local Tax Reform
The new tax reform bill that has been agreed upon by the House and Senate, but not yet signed into law as of December 18th, seeks to limit the deduction of property taxes as well as state and local income taxes for 2018 and beyond. While the bill is not finalized, it might make sense for you to be proactive on this issue. If you pay more than $10,000 per year between these taxes, you may want to consider the following actions.
- Pay your second property tax installment prior to year-end on your primary residence and second home.
- Pay your final quarterly state income tax payment, normally due January 15th, by December 31st.
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 management 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. 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.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
