December 20, 2017
One deduction potentially on the chopping block as part of the tax legislation making its way through Congress is the deduction for state income taxes.
If included in the final legislation, no payments made toward state income taxes will be deductible starting in 2018. For those of you who make estimated tax payments or pay a balance due with your income tax return when it’s filed, this means that if you write a check for 2017 taxes in 2018, that payment won’t be deductible even though it’s for a 2017 liability.
If you think you may fall into this situation, paying those additional amounts before the end of December 2017 will allow you the chance to deduct that payment instead of losing the deduction, if the law passes as proposed.
There may be additional situations where you won’t benefit from paying the tax early, but we’re happy to review your personal tax situation to find out – give SGA a call!
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