5 Things to do before jan. 1 to lower your tax bill – the washington post gas x strips review

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First gas monkey bar and grill, give more to charity in 2017. Have you been meaning to donate a couch to the Salvation Army or Goodwill? Or do you feel it’s about time to give a little more to your religious institution or alma mater? If so, get it done by year’s end. It helps reduce your income this year when tax rates are higher. Plus, you might not end up itemizing next year since the standard deduction is nearly doubling.

Check with your county to see whether you can prepay and make sure you either pay online gas giants or take a check to the office in person. Mailing it might not get it there in time to get it processed in 2017. D.C. has made it easy to do: There’s a quick online form you fill out right on the Office of Tax and Revenue website. So has Fairfax County, Va. But Montgomery County, Md., says it isn’t able to process the payments on such short notice.

There are two catches, warns Catherine Lee Clarke, senior client investment electricity bill cost per unit adviser at Sentinel Trust: If you prepay your 2018 property taxes, you might be giving up any right to contest your property valuation. That might not matter to most Americans, but Clarke’s hometown hp gas online of Houston was hit hard by Hurricane Harvey, and many homeowners are sitting on a property worth a lot less than it once was.

The second catch is that if you owe the Alternative Minimum Tax (AMT) in 2017, then prepaying your property taxes probably won’t help you because the AMT requires you to add back all of your state and local taxes and recalculate your tax bill, so the 9game benefit of prepaying goes away. Ask your accountant or run your favorite tax calculator to check z gas cd juarez and see if prepaying is likely to save you any money.

What about prepaying state and local income taxes? Thuronyi says you can also try to prepay your state income taxes. The Republican tax bill tried to prevent this, but the legislation is worded in a way that is nebulous, some attorneys say. It appears the tax bill writers made a technical mistake gas constant mmhg, and it’s unclear whether they will correct it.

Third, make your business expenses now. If you pay union dues or a professional society membership fee (e.g. a chamber of commerce or bar association) or buy a lot of supplies for your job (e.g., professional musicians buying new instruments) that you normally deduct on your taxes, you’ll want to buy everything you can by year’s end. At the moment, people who are classified as employees can deduct a lot of their unreimbursed business expenses on their taxes if the total is more than 2 percent of your adjusted income. But that deduction is going away geothermal electricity how it works entirely in 2018.

Fifth, delay income until 2018 (if possible). It’s also a good idea to try to delay income until January when the tax rates are lower, especially if you are a small-business owner. So if you are chasing up some customers or clients to pay the bill you sent them awhile ago, you gas city indiana zip code might want to wait until January to really get aggressive on collecting. In addition to lower tax rates, small business owners get a generous benefit starting next year of being able to deduct 20 percent of their business income tax-free.

Finally, there are quite a few tax items you don’t need to stress about. Republicans electricity 2pm considered a lot more changes to the tax code that would have affected the middle class. But in the final bill that went to Trump’s desk, there are no changes to the student loan interest deduction, the extraordinary medical expense deduction, the teacher classroom supply credit, the electric vehicle gas hydrates energy credit, the tuition waiver for graduate students and the capital gains rules on selling your home.