Tax Tip: Timing is Everything
Depending on if you’re nearing the threshold to take advantage of the itemized deduction, you may want to pay some expenses earlier than planned to add additional deductions to offset your income. You can make your January mortgage payment in December to take an additional month’s worth of mortgage interest. You can also pay your real estate taxes early, before year-end, to add those expenses to your deduction. If you know you’re close to meeting the threshold to take the medical expense’s deduction, you can schedule that needed medical procedure slightly earlier to include those costs.