Major Tax Law Changes – Prepay Your Property Tax Before Tax Season

Major tax law changes in 2018 might make it prudent to prepay your property tax before the tax season.

If you normally take the itemized deduction on your taxes, those amounts change drastically beginning in 2018. So, if your itemized deductions are normally under $25,000, you may benefit from paying your property tax and donations before the end of 2017 to classify those expenses on your 2017 tax return.

Property owners can prepay their taxes before the year-end to maximize deductions. By making early payments, taxpayers can benefit from current tax rates & potentially lower their overall tax liability.

Consult a tax professional today to determine if prepaying property tax benefits your financial situation.

Dana McBroom

Certified Public Accountant

About The Author

Dana joined Howard, Howard and Hodges in 1988 and became a partner in 2016. She holds a Bachelor of Science in Business Administration and an MBA from the University of Central Florida. She is a Certified Specialist in Estate Planning, Certified Specialist in Retirement Planning, Qualified 401(k) Administrator, and Certified Valuation Analyst, with experience in estates and trusts, retirement plans, income tax preparation and consulting, business valuations, mergers and acquisitions, and litigation support. Dana is a member of the AICPA and the Florida Institute of CPAs. A Seminole County native, she volunteers with Seminole County Schools and Northland Community Church, and serves on the Seminole County Port Authority and Central Florida Regional Hospital boards.