Because of the new tax law, consider the following
1) Since the state and local tax deductions are capped at $ 10,000 beginning in 2018, consider paying such in December 2017 if you can so that you may still receive some benefit for them in 2017.
2) Since the standard deduction is nearly doubling going forward, more people will NOT be itemizing in 2018. Consider making charitable contributions in 2017 instead of 2018. If you have clothing and / or furniture you can donate, do such in 2017 (and make a list for documentation)
3) In connection with number two, more people should consider bunching their deductions. For example, make charitable contributions every other year. Donate in 2017 and 2019 and 2021, but not in 2018 or 2020. This will help people exceed the standard deduction in odd years. You can also make sure your January 2018 mortgage payments posts in December 2017 and then your January 2019 payment posts in 2019 and your January 2020 payment posts in 2019. This strategy is less important if you can still itemize every year.
This is not intended to be all inclusive, every situation is different, and there are other variables like AMT that MAY come into play
1) Since the state and local tax deductions are capped at $ 10,000 beginning in 2018, consider paying such in December 2017 if you can so that you may still receive some benefit for them in 2017.
2) Since the standard deduction is nearly doubling going forward, more people will NOT be itemizing in 2018. Consider making charitable contributions in 2017 instead of 2018. If you have clothing and / or furniture you can donate, do such in 2017 (and make a list for documentation)
3) In connection with number two, more people should consider bunching their deductions. For example, make charitable contributions every other year. Donate in 2017 and 2019 and 2021, but not in 2018 or 2020. This will help people exceed the standard deduction in odd years. You can also make sure your January 2018 mortgage payments posts in December 2017 and then your January 2019 payment posts in 2019 and your January 2020 payment posts in 2019. This strategy is less important if you can still itemize every year.
This is not intended to be all inclusive, every situation is different, and there are other variables like AMT that MAY come into play