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MOST OF THE TAX BILL CHANGES DON’T TAKE PLACE UNTIL 2018 HERE ARE A FEW THINGS YOU CAN DO because ordi­nary income tax rates should be low­er next year and many expens­es will either no longer be deductible or will be less valu­able in light of high­er stan­dard deduc­tions in 2018. So may want to try a few of these 


1. Delay year-end bonus­es or oth­er com­pen­sa­tion. Many employ­ees can­not con­trol the tim­ing of com­pen­sa­tion, but it nev­er hurts to ask. Where shift­ing income from 2017 to 2018 is pos­si­ble, low­er mar­gin­al tax rates should apply in 2018.
2. Max­i­mize retire­ment defer­rals. Be sure to ful­ly fund your 401(k) and/or IRA to fur­ther reduce gross income for 2017. We’ll dis­cuss dur­ing tax sea­son ful­ly fund­ing 2017 SEPs and oth­er retire­ment accounts that can be fund­ed up to April 15.
3. Busi­ness own­ers and con­sul­tants should delay billing. It isn’t prop­er to sim­ply delay deposit­ing checks received before year-end, but you gen­er­al­ly won’t be paid for amounts you haven’t billed. Shift that mid- to late-Decem­ber billing out until Jan­u­ary 1.
4. Pre­pay state income tax. This deduc­tion will be elim­i­nat­ed begin­ning in 2018, so pay the fourth quar­ter esti­mate that is dat­ed Jan­u­ary 2018 by Decem­ber 31, 2017. This strat­e­gy, how­ev­er, requires that you know your sta­tus regard­ing alter­na­tive min­i­mum tax (AMT). If you will be sub­ject to AMT in 2017, it is like­ly that pre­pay­ing your state tax­es will not reduce your 2017 tax­es. In that case, with no ben­e­fit in either year, it makes bet­ter finan­cial sense to make the pay­ment lat­er.
5. Pre­pay prop­er­ty tax­es. The deduc­tion for prop­er­ty tax­es is like­ly to be lim­it­ed to $10,000 begin­ning in 2018. To the extent that you already have an assess­ment that isn’t due until after the first of next year, pay it by Decem­ber 31. For tax­pay­ers with high prop­er­ty tax bills and oth­er large deduc­tions such as mort­gage inter­est and con­tri­bu­tions, accel­er­at­ing the 2018 prop­er­ty tax pay­ment into 2017 may save a deduc­tion due to dis­ap­pear next year. Mid-range tax­pay­ers may need a pro­jec­tion to see if this makes sense. And here again, the strat­e­gy won’t work for those in AMT in 2017.



There are a few edu­ca­tion cred­its you can take, which hope­ful­ly you know about if you have the stu­dent loan inter­est. You can’t take more then one cred­it or deduc­tion for the same expense, no dou­ble dip­ping. So of those cred­its you can only take one. You aren’t allowed to to take two how­ev­er you can deducts stu­dent loan inter­est and take an edu­ca­tion cred­it.


Below are a few rules that shouldn’t be bro­ken so rebels, we have to abide by these or

You’re not eli­gi­ble to deduct stu­dent loan inter­est if you’re claimed as a depen­dent on some­body else’s TAXES. let’s say, if you claim your kid as a depen­dent and that they are pay­ing the inter­est on a qual­i­fy­ing stu­dent loan, nei­ther one among you’ll be able to take the deduc­tion.

You can deduct up to $2,500 for inter­est you paid through­out the year on qual­i­fy­ing stu­dent loans, and you do not have to be com­pelled to item­ize IN ORDER FOR this deduc­tion. Qual­i­fy­ing aca­d­e­m­ic loans are often tak­en on behalf of your­self, your mate, or your depen­dents. How­ev­er, you can’t deduct inter­est on loans you’re not present­ly pay­ing on – who­ev­er pays the inter­est gets the deduc­tion.


  • The deter­mi­na­tion of eli­gi­bil­i­ty of an insti­tu­tion is made soley at the time that the loans are tak­en out – if they sub­se­quent­ly lose eli­gi­bil­i­ty, it doesn’t affect whether you can deduct the loan inter­est.
  • You can very well deduct loan orig­i­na­tion fees at the time the loan was actu­al­ly made, as well as you being able to  deduct cred­it card inter­est if the cred­it card is used sole­ly for eli­gi­ble aca­d­e­m­ic expens­es.
  • You can­not deduct stu­dent loan inter­est if you or your sig­nif­i­cant oth­er can be claimed as a depen­dent on some­one else’s return, or if your fil­ing sta­tus is mar­ried fil­ing sep­a­rate­ly.
  • Your MAGI must be less than $80,000 (sin­gle, head of house­hold) or $160,000 (mar­ried fil­ing joint­ly)
  • You can­not deduct inter­est on a loan made to you by a rel­a­tive or your employ­er.
  • The loan has to have been used to pay for tuition, fees, books, or hous­ing expens­es.
  • Hous­ing expens­es qual­i­fy only up to the actu­al cost of hous­ing and meals at the uni­ver­si­ty, or an amount deter­mined by the edu­ca­tion­al insti­tu­tion that was includ­ed in the fed­er­al finan­cial aid deter­mi­na­tion. (If the stu­dent took out extra loans to cov­er a high­er hous­ing expense than what was set as the allowance by the insti­tu­tion, those amounts are not eli­gi­ble.)
  • If you paid more  the 600 dol­lar in inter­est you will get a 1098E form from the who ever you paid it to a inter­est state­ment


The W-2 form reports an employee’s annu­al wages and the amount of tax­es with­held from his or her pay­check and is use to file your fed­er­al and state tax­es.


A W-4 is a form that indi­vid­u­als com­plete for with­hold­ing pur­pos­es, where a W-2 form is for employ­ers to actu­al­ly  fill out. The employ­er must pro­vide the employ­ee their W-2 form by a cer­tain date that is set by the IRS. A employ­er must legal­ly give out a w2 to any per­son who has worked for the com­pa­ny for any amount of mon­ey, does­nt mat­ter the amount. Also for those work­ing for any oth­er forms of com­pen­sa­tion.  The employ­er must send the employ­ee the W-2 Form on or before Jan­u­ary 31st each year so the employ­ee has ample time to file his or her tax­es before the dead­line, April 15. (depend­ing on irs)

W-2 is the most com­mon tax form, there are oth­ers that apply only to spe­cif­ic cir­cum­stances. Con­tract­ed employ­ees must fill out  a W-9 Form pri­or to work, and they are giv­en a 1099 Form by the com­pa­ny for which they pro­vid­ed ser­vice, but only if they com­plet­ed $400 worth of work or more. They are con­sid­ered con­trac­tors and have no tax­es tak­en out of the income they recieve through the year. Stu­dents receive a Form 1098 if they paid inter­est on col­lege tuition or a stu­dent loan that year.

The fields on a W-2 Form pro­vide  all types of income. There is a box that states the total amount of mon­ey the employ­ee made from that employ­er in the year, which is the same for fed­er­al and state. some of the oth­er field indi­cate the amount of tax­es that were with­held from the employee’s pay­checks, sep­a­rat­ed by fed­er­al income tax, social secu­ri­ty wages, social secu­ri­ty tax, and more. There are also fields that show how much mon­ey in tips the employ­ee report­ed for the year, which applies to any jobs that allow the employ­ee to col­lect tips. Like wait­ress or bar­tenders and such.

Some oth­ers things are the employ­ers EIN which is the EMPLOYER IDENTIFICATION NUMBER.