New tax legislation in the works

Significant changes to our current tax system seem likely for 2018. There will be winners and losers with this bill; no one knows all the details yet. However, the proposed higher standard deduction for 2018 seems likely. For now, our best advice for 2017 is to consider accelerating state and local tax payments, including property taxes, as well as charitable donations.  This may make these deductions obsolete for many taxpayers who usually itemize their deductions.

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