With the amazing tax reform package finally passed, people of means — even of modest means (ESPECIALLY those of modest means) — need to consider taking some tax-saving steps NOW before 2017 is over. These steps are particularly important for my biggest demographic audience — Californians.
Below is an excellent article (one of many such articles) with major tax-saving suggestions.
But the two strategies that I want to focus on here are:
1. Paying your property and state income taxes before 31 December.
2. Double or triple your charitable contributions before the end of the year (and not pay any next year). Or be even more clever than that (read on).
First the good news. Contrary to what the media has been telling us, MOST of us WILL pay lower federal income taxes in the next few years –at least through 2020. After that, it’s more and more likely that D.C. goes back into their preferred tax-raising mode.
The new law’s bigger standard deduction coupled with lower… Read More