Accelerating 2017 Itemized Deductions Year-End Tax Plan

Accelerating 2017 Itemized Deductions Year-End Tax Planning

Considering the fact that Congress is working on major changes to Itemized & Standard Deductions for 2018 taxpayers who itemize deductions should really consider accelerating itemized deductions into 2017. A technique that can aid this without hurting your cash flow too bad in December is to charge itemized deduction expenses to your credit card. Doing so would increase the taxpayer’s 2017 deductions even if the credit card bill isn’t paid until after the end of the year.

If you have any questions about this or any other accounting related topic, please do not hesitate to contact us here at Shein & Wente CPA.