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Ms. Toad

(34,069 posts)

4. I've spent a lot of time doing taxes for people who made choices

Reply to fescuerescue (Reply #3)

Tue Dec 5, 2017, 12:30 AM

Dec 2017

that benefitted them now (from tax or other perspectives), without recognizing the tax consequences.

I is risky to shift income to another year if you don't recognize that is what you are doing - and don't plan for it.

Your initial suggestion didn't indicate any awareness that the state income tax deductions might be treated as income next year, and taxable.

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A thought - Prepay state and local income taxes now while you can [View all] fescuerescue Dec 2017 OP

The state tax refund you get in 2018 will be taxable on your federal return in 2018. onenote Dec 2017 #1

That's a risky move. Ms. Toad Dec 2017 #2

I think the risk is pretty low actually fescuerescue Dec 2017 #3

I've spent a lot of time doing taxes for people who made choices Ms. Toad Dec 2017 #4

That's great fescuerescue Dec 2017 #6

They are a nice puzzle. Ms. Toad Dec 2017 #7

The bill from what I've seen really decimates Sch C mnhtnbb Dec 2017 #8

I believe you are confusing schedule A deductions Ms. Toad Dec 2017 #9

No, I am not confusing Sched A and Sched C mnhtnbb Dec 2017 #10

If you believe the bill cuts business expenses Ms. Toad Dec 2017 #11

My accountant already told me that MiniMe Dec 2017 #5