A. With the new tax goes effect on Jan 1, 2018, here are 5 actions you should take before Jan 1, 2018 -
1. Give more to charity now instead of 2018
Because the tax rates will be lower for most people in 2018, it makes sense to donate more now than next year. Plus, you might not even itemize in 2018 in the new tax rules.
2. Prepare 2018 property taxes
With the new tax rules, there is a $10,000 limit on all of your state and local taxes, so it is better to prepare your 2018 tax bill now to take that extra deduction before the rules change.
3. Make your business expenses now
You can deduct a lot of your unreimbursed business expense on your taxes if the total is more than 2% of your adjusted income, that deduction is going away entirely in 2018.
4. Max out as many other deductions as you can
The general rule of thumb is to take the credit or deduction in 2017 as you can, because with tax rates lower in 2018, such credits and deductions are more valuable in 2017.
5. Delay income until 2018
Given the new tax rates will be lower from 2018, you should try to delay income until 2018 if possible.