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.