December 11, 2017   //   Tax   //   By Tax Department


Individual Suggestions:

  1. Bunch itemized deductions (e.g. charitable contributions) if you expect to use higher standard deduction in 2018 and are able to itemize 2017 deductions.
  2. Prepay your expected 2017 state income tax liability and real estate taxes (if real estate taxes are paid in arrears in your state) unless you expect to pay alternative minimum tax in 2017.
  3. Consider year end sale of specifically identified high basis stock in 2017 instead of 2018 because in 2018 you may be deemed to have sold your oldest shares first which would typically result in a higher gain.
  4. Prepay as many 2% miscellaneous deductions as possible in 2017, as they may be repealed in 2018, unless you will be subject to alternative minimum tax in 2017.