Tax Cuts and Jobs Act

was signed December 22, 2017 by president Donald Trump.

Coming late in the tax year, the passing of the tax law changes leaves little time to make smart tax moves before year end.

The following is a list of 7 popular tax planning moves you can make before year end and in 2018 to save money and reduce taxes. Please note that this is a general list of tax planning strategies and you should speak with our tax experts to see if you qualify for any of the following tax planning strategies.

• Accelerate your charitable giving into 2017 if you will take the standard deduction in 2018
• Pay off home equity line of credit before year end if you don’t plan to borrow against the HELOC in 2018
• Pay 2018 home real estate tax April installment before year end. Consider AMT and NIIT.
  Pay 2017 estimated state taxes before year end. Consider AMT and NIIT.
• Accelerate paying your 2017 medical expenses into 2017 if you will take the standard deduction in 2018
  Pay 2017 HSA contribution before April 17, 2018 and have it applied to 2017 tax year.
• Pay 2017 Traditional IRA or SEP IRA contribution before April 17, 2018 and have it applied to 2017 tax year. Note that the due date for establishing and funding a SEP IRA can be extended with an applicable tax extension filing.

If you have any questions please contact us and speak with one of our tax experts. 800-425-0570 or email contact@MrSmartTax.com

Written by Michael R. Arrache CPA, EA

December 23, 2017

www.MrSmartTax.com