Personal Taxes

Accelerating your property tax deduction, and other deductible expenses, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying the tax may be especially beneficial this year, because proposed tax legislation might reduce or eliminate the benefit of the tax deduction. Read more…

The short answer is: wait. You need to hold on to all of your tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 3-year rule At minimum, keep tax records for Read more…