Is it possible at this late date?
The new tax act of the Trump Administration, The Tax Cuts and Jobs Act, made significant changes for individuals, but the biggest were the loss of Itemized Deductions for high tax States, like California and New York, where Sales Tax, Real Estate Tax, State Income Tax and Personal Property Tax are capped at $10,000 and for individuals who purchase a home in 2018 of only deducting interest up to a $750,000 mortgage debt (previously $1 million) and interest deductions on home-equity loans is completely eliminated.
Tax year 2017 was a terrible year for individual taxpayers, nearly 10 million U.S. taxpayers penalized for underpayment of estimated tax. You need plan ahead by understanding your options and avoid all or most of the penalty when filing the 2018 Tax Return in early 2019. Contact us to discuss your particular situation and what can be done before the year ends!
Michael B. Nelson, Esq.
