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Lesko Financial: Insight on New Tax Law

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Bryanna: One change in the new tax law has people scrambling to act before new years. Greg Lesko of Lesko Financial explains.

Greg: Many property owners are standing in long lines as the year winds down to pre-pay their property taxes. The new tax law still allows deductions for state, local and property taxes but caps the amount at $10,000. Until this law, the deduction amount was unlimited. Those with very high property taxes or those who will likely be itemizing deductions for the last time this tax year are rushing to pay next year’s bill before 2018. This has meant long lines at government offices and quick action by county tax collectors to accommodate the rush. One county tax commissioner said: “We’ve rarely had to deal with this because people didn’t usually hurry to pre-pay next year’s taxes.”   

Bryanna: Local agencies are also helping those facing this situation.   

Greg: That's right Bryanna, Broome County officials announced Friday that residents in the City of Binghamton and many local towns can pre-pay their property taxes for 2018. The bills were mailed Tuesday, but if you haven’t received it you can go to lookup.net to view and print it. Also, a link to that site can be found on Broome County’s website. You can mail the payment instead of paying in person, just make sure it’s post-marked by December 31.   

Bryanna: What other fallout are taxpayers facing from the new law?   

Greg: Some deductions are going away, or being capped. Personal exemptions and deductions for home equity loans, moving expenses and tax preparation, among others, are gone. It’s a good idea to talk with your advisor to find out how tax reform may affect you.