Because the Tax Cuts and Jobs Act (signed into law on December 22, 2017) eliminates many personal itemized deductions beginning in 2018, and makes other changes that may affect your tax benefit from the deductions that remain, it may make sense to accelerate some deductions into 2017. Examples of items that can be accelerated include mortgage payments, property tax bills on your residence or vacation home due in February 2018, estimated state income taxes for the 2017 tax year due in January 2018, and any planned charitable contributions that you had slated for next year.

Whether accelerating deductions is a smart move for you depends on several factors, such as the direction you see your income heading in 2018, whether the 2018 curtailment of deductions will even affect you, and whether you’ll be subject to alternative minimum tax in 2017. Please don’t hesitate to call if you’d like to discuss the options.