MCGREGOR, Texas (KWTX) The hustle and bustle of the holiday season is slowing down a bit, and now the focus is shifting from spending money to saving in taxes.
Bob Bestor, a certified public accountant at Bestor and Associates in McGregor, recommends that taxpayers not worry yet about the changes coming for the 2018 tax year, but instead focus on how to limit the impact of 2017 tax bills.
Experts recommend paying property taxes now.
"If normally paid in January, you could lose the deductibility of it with the doubling of the standard deduction,” Bestor said.
“So, I've been advising our clients to pay their tax bill now in the month of December because everybody is on a cash basis. If you pay it this year, you deduct it this year."
He also recommends making contributions to tax-deductible charities, and saving the receipts.
The records should be kept it in a safe place for as long as seven 7 years, he said.
Income may also be deferred.
Considering holding end-of-year bonuses, contract payments and even wages until January.
Under the new GOP plan, many people may find themselves in a lower tax bracket, Bestor said, and deferring income could help take advantage of that.