Quick, here is what I’m doing yet this year to make the most of 2017 deductions and get ahead of limited deductions under the new tax code.
Make my January 2018 mortgage payment in 2017. The interest will be deducted on my 2017 taxes.
Prepay my 2018 real estate taxes in 2017.
Making a 2018 charitable contribution before year end.
Instead of waiting to make my estimated Minnesota income tax payment on January 15 I plan to make the payment by year end to take advantage of the deduction in 2017.
Kick in any remainder into my 401(k) if there is room.
These steps will maximize my deductions in 2017 as the new standard deduction for my family of $24,000 will limit my ability to take these deductions in 2018.
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Regular | $2,000 + |
IRA | $25,000 + |
Term | Interest Rate |
2 Year | 3.00% |
3 Year | 4.00% |
5 Year | 6.00% |
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