For those of you in New York or with friends or family, here is an update about prepayment of your New York local taxes.
A couple of days ago, Governor Cuomo signed an executive order allowing local taxing authorities in New York (you know, like Kings County, New York County, Westchester County, etc.) to process their 2018 property tax warrants (bills). Until the governor made this change, it was illegal for the counties to process their warrants (bills) before April.
What does it all mean???!!! Well, what this means is that in addition to being able to fully pay your 2017 property tax bill by December 31, you may also be able to prepay your 2018 tax bill by December 31, 2017. That's coming up in just 6 days! Call your local tax assessor's office to learn what you need to do to prepay 2018.
If you have the cash flow to prepay, you will get an even bigger deduction on your 2017 tax return. It also means you can use up the new $10,000 local tax deduction limit on your state income tax without your property tax eating up your limit.
Of course, this only helps for 2017 and 2018. But...according to the grapevine, Cuomo is hoping to make some changes to New York's tax law to help New Yorkers get back some of what the GOP hath taken away.
The nerds are watching the backlash and will keep you posted with what we learn.