Oswego County homeowners can now prepay 2018 property taxes
28 December, 2017, 00:54 | Author: Chad Mckenzie
Those looking to offset the changes in the new tax law will find a few options - such as prepaying property taxes, - which may make sense for them in 2017 taxes.Liberty Tax reminds taxpayers that the bulk of the changes in the new tax law will not take effect until 2018 and beyond. Singles and heads of households will see a similar pull toward using the standard deduction. Horrigan said it will be up to the individual to contact the tax collectors for information regarding prepayment once the county's warrants are issued. "My husband did a little quick math this morning, and he said, 'Yes, it's worth it". Respondents ranged in age and income, with the majority between ages 18 and 60 and with incomes of $125,000 or less.The Tax Cuts and Jobs Act - as the bill initially was dubbed - almost doubles the standard deduction for individuals, eliminates some itemized tax deductions, and reduces the State and Local Tax Deduction (SALT), among other things. In fact, the law retroactively decreases the threshold for medical expense deductions to 7.5 percent from 10 percent of adjusted gross income.
Under the national Republican plan, homeowners will be able to deduct state and local property taxes up to $10,000.
People subject to the alternative minimum tax, known as AMT, likely won't benefit in paying early. Trump signed the bill quickly, according to CBS News, in order to avoid cutting Medicare by a year.
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New Jersey Gov. Chris Christie believes that the feds will be more forgiving of taxpayers' intentions and issued an executive order Wednesday requiring towns to accept prepayments through December 31. The County does not accept direct tax payments until spring, when bills have reached the delinquent stage. "New York has made unprecedented progress reducing the burden of taxes on our middle-class families, and we will not allow this attack to roll back all that we have achieved. Due to the end of year time frame, this action is necessary to provide local authority to receive the taxes for payment in 2017". He wanted to prepay this amount for 2018, with the understanding he would owe more next year if the Hazleton Area School District imposed a tax hike this spring. "And we're waiting for better guidance from the federal government".
New Jersey has the highest property taxes in the nation.
The federal tax bill is silent on whether prepaid 2018 property taxes can be deducted in 2017, though it explicitly prevents deducting prepaid state income taxes.
"For me it's just a missed opportunity for no real good reason - that's what makes you sick", he said. "It all depends on your tax situation". He wishes he could have until April 15 to figure it all out as he does with IRA contributions because he's not quite sure whether he'll be better or worse off under the new law.
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In the Washington D.C. suburbs, WTOP found a line of hundreds snaked through a local government building in Fairfax, Virginia, looking to prepay their 2018 bills.
And even if you do technically have the cash available, it doesn't necessarily mean you should fork it over.
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