Does prepaying property taxes make sense anymore?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But[ … ]

Report: Arizona, Phoenix Property Taxes Among Lowest

People who owned single-family homes in Arizona last year paid more than $3 billion in property taxes. The bulk of that cash — more than $2 billion — came from the Valley where the average bill was $1,900. ATTOM Data Solutions looked at property taxes by state and metro areas and found Arizona and Phoenix[ … ]

Saving tax with home-related deductions and exclusions

Currently, home ownership comes with many tax-saving opportunities. Consider both home-related deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative minimum tax (AMT). Mortgage interest deduction. You generally can deduct interest on up to[ … ]