News / Article

If you prepaid property taxes to beat the Trump tax law, here's 3 things you need to know

Source: https://northjersey.com/story/news/new-jersey/2018/02/05/prepay-property-taxes-beat-trump-tax-reform-three-things-you-need-know-before-filing-federal-tax-ret/300026002/ - Feb 5, 2018

Thousands of New Jersey homeowners rushed in December to prepay 2018 property taxes before 2017 ended, hoping to outsmart a new $10,000 cap on the federal deduction that was a controversial piece of the tax overhaul that President Donald Trump signed days before Christmas.

But some of those homeowners could get an unpleasant surprise when they do their tax returns this year, accountants say. Not only may they not get the benefits they were expecting, they could end up underpaying New Jersey state income tax, and face penalties, if they're not careful.

CLICK SOURCE TO READ ARTICLE

Category: General Business