Consider Whether to Accelerate Income Tax Deductions

Taxpayers who can still benefit from itemizing deductions in 2017 but are likely to lose that advantage in 2018 should consult their accountants about whether it would make sense to accelerate scheduled or anticipated charitable contributions to 2017.

Additionally, since the final tax bill is likely to repeal the deduction for state and local income taxes, it may be economically advantageous to make fourth quarter estimated payments for state and local income taxes before December 31, 2017, subject to alternative minimum tax considerations.

Again, we recommend that clients consult their accountants to determine what makes the most sense for each individual situation.