State and Local Taxes: What You Can and Can't Deduct in 2017
Tax reform is finally done, and Congressional Republicans and the White House are happy to have turned their new tax legislation into a final law. With the measure, a host of new tax rates will take effect in 2018, along with changes to credits, deductions, and other tax provisions in existing law.
However, 2017 isn't over yet, and smart taxpayers are trying to take advantage of whatever benefits they can before they disappear. For many taxpayers in high-tax states, the $10,000 limitation for deductions for state and local property, income, and sales taxes will represent a substantial tax cost in 2018 and beyond. Prepaying such taxes before the end of the year is a smart move, but only if you understand what you can and can't prepay. Below, you'll find a guide to help you with your tax planning.
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Source: Fool.com
