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As tax bill advances, advisers weigh paying tax bill early

One question to consider when thinking about year-end tax strategies is whether to prepay your first-quarter 2018 real estate taxes – taking the deduction for 2017 instead of for 2018. With Congress thinking about eliminating or limiting the state and local tax deduction, MWE’s Steven Schlachter spoke to Newsday about the pros and cons of prepaying.

 

Long Island taxpayers would be severely impacted by either version, as many of the property tax bills well exceed even the allowed cap of $10,000 under the House bill, points out Steven Schlachter, a CPA at Margolin, Winer & Evens in Garden City. Read More>>>


Read: House Tax Bill-Big Impact on Financial Statements

Read: Proposed Tax Reform Legislation Released

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