Personal Taxes – Itemized Deductions

Pile up itemized deductions. Because most itemized deductions, other than those for mortgage interest and charitable donations, could be eliminated by tax reform, you may choose to maximize available deductions for 2018. For instance, you might accelerate deductions for state and local taxes by paying amounts due on January 1, 2018, by December 31, 2017. Be aware, however, that other special rules may apply to itemized deductions, such as floors based on your adjusted gross income (AGI) for the year.