Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the property tax deduction beginning in 2018.
The initial version of the House tax bill would cap the property tax deduction for individuals at $10,00
Education deductions and credits aren’t only for college students. Some deductions are available for employees, employers, and the self-employed. Here’s a quick review. Employees As an employee, your work-related education expenses may qualify for credits such as the Lifetime Learning Credit. You don’t need to be pursuing a degree to qualify for the Lifetime Learning Credit, but the school needs to be an eligible educational institution. If you receive education benefits from