With all of the talk of tax reform, many people feel “trapped”. They fear many of the deductions they have enjoyed in years past have been done away with; they’re concerned that the new bill will increase their tax liability instead of decreasing it. Instead of worrying about things you really can’t control, why not focus on making the most of the current tax code and saving every last penny you can for 2017? Here are some ideas to consider before year end:

Give GenerouslyDonations

Although the charitable giving deduction is supposed to remain intact in the new tax bill, you can still take advantage of it this year, too! This is the time of year everyone is more generous than usual. Whether you choose to donate cash or items to your favorite organization, make sure to get a receipt so you can write it off come tax time!

Defer Income if You Can

Although many people don’t have this flexibility, if you do have this ability, it may be a smart move. By deferring income until after the start of 2018, you’re lowering your taxable income for 2017. If you’re going to end up in a lower tax bracket under the new tax code next year, deferring income could save you some cash this year.

stethoscopeDeduct Medical Expenses

Although it’s unclear whether or not medical expense deductions will make the cut long-term in the new tax system, you can certainly take advantage of the deduction for this year! If you had a busy year medically speaking, you can deduct all expenses that exceed 10% of your AGI. 10% sounds like a lot, but you would be surprised how quickly those medical expenses add up! Check back over your expenses for the year. You may be surprised at the amount you could save by itemizing your deductions!

Pay Your Taxes Early

This situation doesn’t apply to everyone. But, if you own property have some extra cash, go ahead and pre-pay your property taxes that will be due in 2018. By pre-paying, you’ll be able to take advantage of the property tax deduction in your 2017 taxes. The new tax bill is supposed to allow for deductions up to $10,000 (combined for state and local taxes). However, if your bill is normally pretty hefty, paying those property taxes early can help save you a couple bucks come 2018.

Did You Move for Work? Deduct it!moving

Obviously it’s a little late in the year to change jobs, rush to secure housing, and move- all before December 31. However, if you did move for work over the course of the year, make sure you take advantage of the deduction when you file your 2017 taxes! Make sure to get all of the paperwork and documentation in order by the end of the year so you’ll be ready to go when it comes time to file your taxes.

Get Some Help With Your Taxes

This will be the last year that fees paid to a tax preparer will be deductible. Why not make sure you’re taking advantage of every last deduction you can? After all, that expense is a tax write off for you! What do you have to lose – except for some of that tax liability?! If you don’t have a tax preparer, give us a call! We have some exciting incentives for new customers that you’ll definitely want to check out!

Of course, these are just a few ideas of how to help you to reduce your 2017 tax liability. Obviously, you want to keep your hard earned dollars in YOUR wallet and NOT Uncle Sam’s. We are here to help! Our tax experts have a proven reputation of saving our clients tax dollars and increasing their overall cash flows. Who doesn’t want more money in their wallet?! Let our accountants save you money and take the stress out of tax season for you. Call for your free consultation today!

Don’t miss a thing! Follow us on LinkedInTwitter, and Facebook for the latest scoop on all things taxes!

Steverman, Ben. “Six Ways Taxpayers Can Make the New Tax Bill Work for Them, If They Act Fast.” Accounting Today, 18 dec. 2017, 12:18PM, www.accountingtoday.com/articles/six-ways-taxpayers-can-make-the-new-tax-reform-bill-work-for-them-if-they-act-fast?feed=00000158-20c2-d6a2-adfb-70eb85460000.