Mark I Ingber CPA PA

I want to wish everyone a healthy and prosperous New Year. With the New Year, an entire new set of rules will be with us as it relates to your tax return. Here are 4 things that you should do, if possible, before the end of the year.

1. Pay your 2017 property taxes now. In New York, you are also allowed to start paying your 2018 property taxes.
2. Make your charitable contributions now. With the standard deduction going up to $24,000 for a married couple filing jointly, your charitable contributions may not be a sufficient amount to be of any tax benefit in 2018.
3. If you work in a job and incur expenses for your job for which you are not reimbursed, try to incur as many as possible now. For example, if you are contemplating the purchase of a new laptop soon, buy it this year. Likewise, for a new phone or any other item that you will use for your job.Also, note that fees paid to your tax preparer will also no longer be tax deductible.
4.If there is any way you can defer your income to January, I would recommend doing so. In 2018, the tax brackets will be reduced. The new tax brackets will be 10%, 12%, 22%, 24%, 32%, 35% and 37%. These new brackets are typically 2% to 3% lower than the current ones in place.

Note that the tax return that you are about to file for 2017 will be done under the current rules in place and NOT the new rules. The new rules as briefly summarized above will go into effect on 1/1/2018 and will be implemented with the filing of your 2018 tax return in 2019.

Home When it comes to managing your finances, you want a CPA who understands the numbers – but that doesn’t mean that you want to be treated like one. Whether you’re looking to secure your family’s financial future or the owner of a small to medium sized business that is tired of overpaying in ta...

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Happy Hump Day! Some words of wisdom on this beautiful Wednesday.