They will be especially appealing to the 30 million taxpayers who are still able to deduct their charitable gifts on their 2017 tax returns but who won't get tax savings from such gifts in 2018 or later years.
Beginning in 2018, couples filing jointly will be limited to an annual combined deduction of no more than $10,000 in state and local income, sales and property taxes. Fairfield County is one of nine counties in the nation with an average tax bill higher than $10,000, according to a report by ATTOM Data Solutions.
"Unfortunately, this tax bill was written behind closed doors by Republican leadership and rushed through Congress in the middle of the night, leaving many Granite Staters in the dark about how to file their taxes", Nickel said in an email.
"Anyone in New Jersey, that's got to be scary", said Wayne DeFeo, a homeowner in Warren.
Tax collectors all over are seeing a surge in property tax prepayments before the end of the year.
But it said nothing about paying 2018 property taxes in 2017 - a loophole many Orange County homeowners are looking to take advantage of. "And that goes into my pocket", DeFeo said.
Steyer said he plans to use his money - through his political group NextGen America - to attack the Republican tax overhaul, using social media and online advertising aimed at young voters, a strategy that recently helped elect Democratic candidate Doug Jones in a Senate race in Alabama and Ralph Northam as governor of Virginia.
"That's the biggest thing with federal tax that will hit us before the end of the year", said Jenna Burns, a CPA partner with Perry and Associates in Marietta. Among our clients in California, we have seen a mass exodus of higher-wage earners and retirees leaving the state. and the tax overhaul that passed Congress on Wednesday, Dec. 20, 2017, will cause even more to leave.
Many people are rushing to try to prepay their 2018 bill now so they can take that extra deduction before the rules changes. But accountants advise, it won't work for everyone. Unfortunately, the federal government has made it much less appealing to pay state income taxes.More news: Christmas chaos: busiest shopping day of the year hits Maritimes
People who typically pay their state income taxes quarterly can easily pay the January installment now, accountants say.
Scott's office has been advising callers that they can pay the second installment of this year's tax bill by December 29. We need to keep increasing aid to growing school districts that haven't been getting the funding they deserve, and we need to enact my legislation to expand shared services. "This will take some procedural changes but those that want to prepay their 2018 taxes we will accept". "It can be a combination of state and local income and property taxes".
But under the tax legislation President Donald Trump signed into law Friday, there's a $10,000 cap on the deductions.
Stephan Hamilton is director of the municipal and property division at the state Department of Revenue Administration.
Tax collectors in many communities are seeing a surge in property tax prepayments before 2018 in an effort to cash in - for one a year ago. Joe Pennacchio (R-Morris) introduced a bill (S3598) two weeks ago to make property taxes completely deductible from state income taxes.
"We can do something to fix this and we should", Christie said during an unrelated news conference in Trenton.
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"Everything has to be on the table". "That's, by a long shot, not a insane idea".