There’s no way to avoid chaos if you’re trying to prepay taxes in 2017 that aren’t due until 2018 in order to lessen the blow of the Trump tax reform limits on deductions for state and local taxes. The short answer is, you should at the least be able to prepay municipal property taxes due on or after Jan. 1, which are normally paid in January and cover the current fiscal year, 2017-18. That would give you an extra deduction for 2017 but it might still leave you with hefty non-deductible taxes in 2018. Whether you can prepay for taxes not due until the start of the fiscal year in July — which have not yet been assessed — is a more complicated question.
from News http://www.ctpost.com/local/article/Dan-Haar-Prepaying-tax-chaos-strikes-state-12460135.php
No comments:
Post a Comment