Year-End Tax Planning*
So yes, despite the judgy-ness of people on the internet about how apparently "stupid" it is, we prepaid our property taxes this last week. We still don't know if we'll be able to deduct them for sure, because no one knows for sure what will happen with a contradictory and sloppy tax bill pushed through at the last minute. What I DO know is that our state and local taxes (property taxes plus state withholding plus misc. fees) combined are over $20,000 annually, so the "advantage" of doubling of the standard deduction is completely negated by the new state and local cap. For potential savings in this first year, it was worth us to take that risk (and it will be awfully nice not to have to come up with that money in May, hard as it is right now to scrape it together.) With $112 million prepaid property taxes in Hennepin County alone, we are not the only ones. Minnesota has been hit especially hard with this one. While you are at it, if you are still escrow