Done with income taxes? Not so fast!
You've filed your 2017 taxes (or gotten a filing extension)...but NOW you need to do 'homework' to ensure you're in good shape for the 2018 version.
Because of the changes in the tax code, there are major changes in what is and is not deductible, among other things. Ted Sarenski, Certified Financial Planner at Syracuse-based Blue Ocean Strategic Capital, reminds that the First Quarter of 2018 is done, but there are still 3 more to take advantage of the federal changes if you act soon., though New York's tax code changes are not out, yet.
Sarenski has a quick guide to the major changes:
He also suggests running your numbers from the 2017 (just filed) returns with the 'new' numbers now posted on IRS.gov to see the differences from last year and the coming one...and make changes (or get advice on changes) accordingly.