With the likely passage of the Tax Cuts and Jobs Act, it is estimated that the majority of taxpayers who currently itemize their deductions will take the standard deduction for the tax year 2018.
The reason for this change will be capping of State and Local Tax and Property tax deductions at $10,000. A single individual will now have a standard deduction of $12,000; head of household $18,000; and a married couple filing jointly $24,000. A single individual may still be able to itemize although it will be more difficult to exceed the standard deduction for head of household and married couples.
Due to this limitation for some, the payment of property taxes and income taxes may not be utilized in 2018. Therefore it will benefit taxpayers who will be capped at $10,000 to make their first installment of their 2018 property tax bill by December 31, 2017 in order to include in their 2017 deductions.
If your mortgage company makes the property tax payment through escrow, you will want to notify them if you do make a payment so that the tax bill isn't paid twice. Further, if you are looking at making charitable contributions, it may benefit you to make those contributions before the end of the year as well. It is best to discuss this with your tax preparer to determine if it will be a benefit to you.
If your mortgage company makes the property tax payment through escrow, you will want to notify them if you do make a payment so that the tax bill isn't paid twice. Further, if you are looking at making charitable contributions, it may benefit you to make those contributions before the end of the year as well. It is best to discuss this with your tax preparer to determine if it will be a benefit to you.
You can contact your County Treasurer to request to pay your first installment before December 31st or you can obtain your first installment property tax bill for the following counties in Illinois:
If you have any questions about tax planning, please feel free to contact Glick and Trostin, LLC at 312-346-8258.
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Small Business Tax
Bryan
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I would like to suggest that you do a post on agricultural property special valuation often called ag exemption. We are beekeepers with two properties that qualify for beekeeping ag in Texas. Illinois Statues include bees in their definition of a farm. If you want some background info I have written about beekeeping ag exemption in Texas and tax protesting for beekeepers. It certainly is not directly applicable, but could stimulate some thought.
Thanks for all the good posts.
Joe
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