This year has gone by fast, take advantage of these three moves before the year is over.
Bunch your deductions.
Many of us are receiving our property tax bills now. Look at your projected income for next year, if you are expecting a raise or bonus, you may want to delay paying your 2017 property tax until January, then also pay your 2018 property tax next year. By bunching these two tax bills in one year, you will have a bigger deduction.
Harvest your gains.
If you currently are in a 10% or 15% tax bracket, you can take capital gains from investments and pay a 0% capital gains tax. You may also want to review your investments to see if you can match capital gains with capital losses, thus reducing the tax on the gains.
Hurricane Irma losses.
Most years, you can subtract $100 from your total hurricane losses, then subtract 10% of your adjusted gross income to get your deductible loss. In September, Congress approved legislation that waives the 10% AGI requirement. You will be able to write off losses over $500.
Don’t let these tax saving opportunities pass you by.