Property Taxes

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

Sec. 179 expensing provides small businesses tax savings on 2017 returns — and more savings in the future

If you purchased qualifying property by December 31, 2017, you may be able to take advantage of Section 179 expensing on your 2017 tax return. You’ll also want to keep this tax break in mind in your property purchase planning, because the Tax Cuts and Jobs Act (TCJA), signed into law this past December, significantly enhances it beginning in 2018. 2017 Sec. 179 tax benefits Sec. 179 expensing allows eligible taxpayers to … Read more