Tax moves you may want to consider before the end of 2017

Medford, Ore.- Local tax offices are already busy looking ahead to tax season.

The president just signed the tax bill into law last week. While most changes won’t be felt until the 2018 tax year, that isn’t stopping people from asking local experts for help.

“The tax rates are going to change,” Annette Holman, owner of Liberty Tax Service in Medford said. “So some people will get a break, their tax rate will go down, some people will actually pay more and it’s going to be very individualized.”

So far, the office has received several calls from people wondering what the new tax bill will mean for them.

“They are going to be doing away with exemptions so that’s going to affect people in a negative way,” she said. “In other words, right now you can write off roughly $4,000 worth of taxable income per-person in your house and that’s going to change.”

Holman says there are a few other things you really should do before the end of the tax year. First, pay off your current property taxes in full before Dec. 31.

“If you haven’t paid your current property tax bill get that paid by the end of this year. Now our county won’t let you pay in advance, I know there is a lot of talk about whether you can pay for 2018, you can’t, but you can certainly pay your entire current bill,” Holman said.

Next, see if there are any medical expenses you can write off. And if you pay quarterly taxes make sure those are taken care of.

Holman also said now is the time to look into education savings accounts. You used to be able to use pre-tax dollars to save for college, but now the new bill will allow you to use accounts to save for private elementary and high schools, as well.