Last minute tax moves for new bill

[Carl Fischer]

Quick take on new tax bill-if possible defer income to 2018. Pay deductions in 2017. My first move!

Lower tax brackets in 2018- less deductions available in 2018 compared to 2017. Example: Florida allows you to pay property taxes in November and December 2017 that are due March 2018. The deduction will be reduced if I wait until 2018 to pay property taxes. 

[Michael Plaks]

Fragments from my blog post. (Sorry, BP won't let me link to it, but you can google it)

Pre-pay 2017 property taxes on your personal residence.
This is not an absolute rule, but it should be a wise move for most people, not just investors. Because of the new law, you may lose the tax benefit of property taxes on your homestead. So make sure the bill is paid in 2017.

Defer business income into 2018.
If you’re about to get paid before the New Year, you may want to wait a few more days. Not only this income will be taxed one year later, but it might be taxed at a lower rate. Of course, your mileage may vary – it’s IRS taxes.

Accelerate business purchases into 2017.
You will get the business deduction in the current year, plus you might get bigger savings this year than in 2018.

If moving – pay for the move now.
Business-related long-distance moves will not be deductible after this year.

Make your 2018 charitable donations now.
They might get you less (or even zero) benefit in 2018.

Accelerate miscellaneous personal expenses.
The new law eliminates the so-called miscellaneous personal deductions. The last days of December is your last chance to score a tax benefit from them.