Planning for New Tax Law
Now that Congress has approved the new tax law, beginning in 2018, deductions for real estate and state and local income taxes will be limited to a combined total of $10,000. As a result, taxpayers should consider paying certain taxes in December 2017, instead of waiting until 2018, when the new limit will be in effect. To the extent that a taxpayer pays the 4th quarter 2017 installment of e...