Year End Tax Tips – Clumping or Pushing Property Taxes

From now until near the end of the year we will be highlighting very special tax tips to help maximize your tax savings. Property Tax

Here is the first in a special tax savings series heading into year-end.

Clumping Your Property Taxes

If you have limited deductions, review your property taxes and see if it makes sense to clump two years into one

If you have been using standard deductions (not itemizing) see if clumping two property tax payments into one year will get you over the standard deduction – if it does, any extra dollars over your standard deduction will be a tax savings you otherwise would not have received.

Pushing Your Property Taxes Out a Year

If you have had a super year and may face a phase out in deductions due to a high income this year (at certain income levels you lose your deductions) you may want to consider pushing your property taxes into another year. If your deductions are partially or completely phased out, you may receive minimal tax benefit with ANY deductions.

There are a lot of moving parts in these situations, if you have a question give us a call — these are certainly not a recommendation to do either without further review.

Have a Great Tax Savings Wednesday!

John A. Kvale CFA, CFP

http://www.jkfinancialinc.com
http://www.street-cents.com
8222 Douglas Ave # 590
Dallas, TX 75225


 

 

 

4 responses to “Year End Tax Tips – Clumping or Pushing Property Taxes

  1. Pingback: October 2015 Year End Tax and Financial Planning Tips, Capital Market Review (Video by John Kvale) | $treet-¢ents

  2. Pingback: Using a Roth Conversion to offset an Active Income Loss | $treet-¢ents

  3. Thanks a ton !! Be well and enjoy that lovely sunset you guys get to see each evening !! John

    Like

  4. You are the bomb!

    Joyce

    Like

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