I just did the real estate tax payment for April. Thinking with the increased married couple deduction, my husband and I (both putting max into our retirement) will hopefully not be hit too hard.
On Dec 26, 2017, at 12:24 PM, ipegleg@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
I'm starting this discussion to see if anyone has given the new Tax Laws any thought.
How should/can we best position ourselves for the new Tax Law?
Add to the list/discuss. . .
The new tax code will often make it less desirable to itemize than taking the standard deduction.
The Lower rates for individuals is set to expire in 2026. This could mean lower rates for folks over the next 7 or 8 years, then a tax increase.
We should-
- Consider paying real estate taxes up front if your state/locality allows it OR if you are on some tax payment plan - try to pay before 12/31/17
- Consider giving to charities before 12/31/17 if you are inclined to do so. This will be deductible this year but may not be advantageous next year.
- Consider using the Roth TSP option if it looks like you will be taxed at a higher rate in retirement - after 2026.
We should not-
- Sell short term (vs long term gain) stocks that are in the black which would generate a tax burden at the higher rates.
Additional thoughts/comments welcome
I'm not a tax professional so always seek advice from a professional and/or verify from multiple sources.
Happy investing all!
Chris
Posted by: Sheila Ford <sheilaef@yahoo.com>
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