This is the question that all Americans are asking right now, and to be honest we don’t know for sure. However, there are some things that you can do to protect yourselves in 2018.
We are quite confident that the personal exemptions will be going up. While this is a good thing, it will also affect those who file a Schedule A.
We suggest making sure you do the following
BEFORE the end of the year.
Pay Your Property Taxes Early
If you have the ability to pay your 2017 property taxes that are normally due in 2018 — pay them in 2017 before December 31st. Depending on how your property taxes are handles with your mortgage holder you may or may not be able to do this. It may require a conversation with your lender.
Maximize your charitable contribution deduction. All items must be logged with the date and receipt of the contribution. The value of those deductions need to be calculated depending on the condition of the items that you are donating. A great source for those values can be found on the GoodWill website.