Year-End Strategies & Tax Bill Highlights
Major tax changes are on the way for both individual and business taxpayers. To help clients, prospects, and others understand the changes and how it will impact them, Smith Schafer has provided year-end strategies responding to the tax bill and a summary of the key changes.
Pay 2017 State Income Taxes
The Tax Cuts and Jobs Act limits the deduction for state and local income and real estate tax deductions to a total of $10,000 per year beginning with the 2018 tax year. If the taxpayer is not subject to the alternative minimum tax (AMT) in 2017, paying state income taxes by December 31, 2017 would be beneficial.