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

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 the standard deduction is going to double for the 2018 tax year, meaning that most people won’t have enough Schedule A deductions to itemizing. If that’s the case for you, here’s a tax strategy that could help you on your 2017 return.

First of all, Alamance County property taxes aren’t due until January 4th, so make sure you pay them before December 31st! You can also prepay your 2018 taxes this year. You simply estimate how much you’ll owe, and send it in before the last day of the year.

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!