Let’s Talk About Taxes…During the Holidays. :/

Share on FacebookShare on Google+Pin on PinterestTweet about this on TwitterEmail this to someone

taxesI hate to bring this up during the holiday season, but while there was so much up in the air about taxes, it got us to thinking. Both House and Senate versions of the new tax law proposed major changes that could affect homeowners.

Turns out, for most of us, that property tax deduction is going to still be okay. But we did find out something that could be a tax strategy for you if you need to double up on deductions one year.

Alamance County property taxes aren’t due until January 4th. If you wait until then to pay, and then also pay your 2018 bill, you can claim them both when you file in 2019. You can also prepay your 2018 taxes this year. You simply estimate how much you’ll owe, and send it in before December 31st. For some people, this would help them to be able to itemize when they may not be able to ordinarily.

Now obviously, I’m a REALTOR®, and you need to run this by your tax professional to make sure either strategy would be good for your unique situation. But I thought it was too good of a tip to not pass along – just in case!

Okay – back to your regularly scheduled happy holiday mood!

Share on FacebookShare on Google+Pin on PinterestTweet about this on TwitterEmail this to someone