Why you may want to accelerate your property tax payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying your property tax (by Dec. 31) may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018. But it’s still uncertain what the final legislation will contain and whether it will be passed and signed into law this year. We can help you determine the best strategy for your specific situation.