Last-minute thoughts for the year-end
By now, you likely have been reading all kinds of year-end tax advice as we prepare for the new tax law to go into effect next week.
Our governor sent out an e-mail last weekend letting taxpayers know that he has signed an emergency Executive Order allowing New Yorkers to pre-pay next year’s property taxes this year.
Similarly, several charities, Jewish and non-Jewish, are recommending that we pre-pay our 2018 charitable donations. Jewish Federation is, of course, happy to receive your 2018 gift
this week as well.
Perhaps better than limiting yourself to pre-paying a 2018 planned-donation, consider establishing a donor-advised fund before the end of the year. A donor-advised fund would allow you to make a year-end donation now, before the tax laws change, yet retain the ability to recommend distributions from your fund to your favorite charities in the next year or beyond. Please call me, (518) 783-7800 x226 or Deborah Goldstein x230, if this idea intrigues you.
As always, I recommend contacting your personal tax advisor. Tax planning is not a one-size-fits-all strategy, and what works for me may not work for you. But, if you and your advisor want to do something, we have the tools here to assist you and a couple of days left to get it done.
2018 should be a year of health, happiness, peace, and prosperity for us all.