Will pre-paying property tax help reduce your tax bill in 2018?
The answer is, it depends. A typical tax strategy used by homeowners to help lower their taxable income has been to pay property taxes in advance for the following year. However, due to the Tax Cuts Jobs Act (TCJA), this plan may no longer make sense. For those living in low-tax states, accelerating your expenses will help increase your itemized deductions and consequently reduce how much tax you owe. Reversely, … Read more