Moves to make before new tax code kicks in

Posted at 7:06 AM, Dec 22, 2017
and last updated 2017-12-22 07:06:02-05

INDIANAPOLIS -- Now that Congress has passed the biggest tax overhaul in years, Bill Elliot is planning his steps before the end of the year.

"I'm making my January house payment in December, so you can get it this year," Elliot said. "Because next year the amount of deductions you're going to be paid ... is going to be capped."

He's not the only Hoosier hoping to save when they file for 2017. 

CPA Leslie Boyd said this is probably one of the busiest Decembers on record.

"People want to understand 'What are the things they have to do here?'" Boyd said. 

Before Dec. 31, Boyd says to consider giving more to charity, like a soup kitchen or animal shelter. You may also want to pay your property taxes early, while there is still no limit on deductions.

"Making sure they pay those amounts before year's end to get the full benefit is a strategy," Boyd said. 

Be careful not to get too creative with the tax code, or you could end up with an IRS audit. When it doubt, get with a CPA.

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