Proposed changes to the Federal Income Tax

Robert Tighe

By: Robert Tighe

As you know, both houses of the US Congress are considering proposed changes to the Federal Income Tax.  While nothing is final, one change under consideration would limit the deduction for local property taxes to $10,000 per year.  We bring this to your attention so that you (and your colleagues) can discuss it with your income tax advisor in light of your personal income tax situation and, if your annual property tax liability exceeds $10,000, consider prepaying a portion of your tax bill in 2017.

If you wish to accelerate the first installment bill (typically due March 1, 2018) into 2017, many of the counties allow for prepayment.  Please call or visit your counties website to inquire about more details.

 We hope this information is useful to you and/or your colleagues.

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