- Don’t attempt to prepay real estate taxes early because unless the taxes have been assessed, they will not be an allowable deduction. Remember, there is a new cap of $10,000 on property and income taxes or sales taxes, whichever you choose to deduct.
- If your income is below $36,900 taxable, then consider selling and producing capital gains up to this amount since the capital gains would be taxed at 0%.
- The amount you can gift has increased from $14,000 to $15,000 and a gift made on 12/28/18 could be buttressed by also giving $15,000 to start a gifting program as long as no other gifts were made during the year.
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Hartford, Connecticut 06105
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During Tax Season
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