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Tax Planning - Pay State Taxes Before Year End

November 8, 2017

If you expect to owe state and local income taxes when you file your return next year, consider asking your employer to increase withholding of state and local taxes (or pay estimated tax payments of state and local taxes) before year-end to pull the deduction of those taxes into 2017 if you won't be subject to alternative minimum tax (AMT) in 2017.

 

By paying your state taxes in December rather than April you can deduct it on your 2017 tax return.

 

Pulling state and local tax deductions into 2017 would be especially beneficial if Congress eliminates such deductions beginning next year.

 

 

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