Tax Reform Bill – Effective 2018

Now that the 2018 Tax Reform Bill has been signed into law and will be effective in the 2018 tax year, there is one question being asked from our clients more than anything else: Should I prepay 2018 property (or state income) taxes?

Answer: From our professional resources, 2018 property tax pre-payments are not deductible when states do not assess 2018 taxes until 2018. The IRS does not allow deduction for future taxes not assessed. This would be considered a “deposit” and not deductible.  Here is article that might help. 

Wall Street Journal: 2018 Property Tax Article

For detailed information on the Tax Reform Bill, below are reliable and informative links:

Journal of Accountancy: Tax Reform Bill: INDIVIDUALS

Journal of Accountancy: Tax Reform Bill: BUSINESSES

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While our staff is maintaining office hours, our building is closed to outside visitors until further notice. Please call or e-mail during our regular office hours, and we'll be happy to assist you.
Mon-Th 8:30 am - 5:00 pm
(closed 12 - 1 pm for lunch)
Fri 8:30 am - 12:00 pm
Open all day Fridays during tax season:
Jan. – Apr. 16 and Sept. – Oct. 16
1110 N. Kimball Ave., Ste. 100
Southlake, TX 76092
(817) 545-1277