Final Bill Brings New End-of-Year Tax Tips as 2017 Year-End Deadline Approaches
Summary
Keep in mind that under the new bill an individual may not claim an itemized deduction in 2017 on a pre-payment of income tax for a future taxable year.Beginning in tax year 2018, cash contributions to IRS recognizable charities will be subject to a 60% AGI limitation rather than the current 50%.Youll need orderly records to claim these credits and will receive form 1098-T from your childs educational institution which is required when you file.The Smart Filer is TaxAudits taxpayer advocacy program that provides regular tax tips, advice, and other helpful information to individuals, families, and small businesses.TaxAudit members receive expert tax representation and relief from the nightmare of being audited – at a price point any taxpayer can afford.