Make an extra mortgage payment

With the new tax bill, standard deductions for those who don’t itemize on their taxes will almost double next year, going “from $6,350 to $12,000 for individuals, and from $12,700 to $24,000 for couples,” said the L.A. Times. “Taxpayers who anticipate itemizing on their 2017 returns might want to consider making their January mortgage payment before the end of the year. Doing so would allow you to deduct an extra month of mortgage interest that you might not be able to deduct on your 2018 return if you don’t end up itemizing because of the higher standard deduction.”

Give more to charity

Charitable contributions are not affected by the new tax bill per se, but because the number of itemizations is expected to drop sharply next year, there may be a reduced financial benefit to giving to charity in 2018. Loading up on charitable donations now will allow you to take advantage of the deduction before the new year, and do a good deed.

 

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