---
title: Year-End Tax Tips for Individuals
description: Year-End Tax Planning
image: https://info.ongandcompany.com/hubfs/tax_planning.jpg
---

[![](https://info.ongandcompany.com/hubfs/Backgrounds/ong-final_sig.jpg)](http://www.ongandcompany.com/)

# Year-End Tax Tips for Individuals

[Richard Ong](https://info.ongandcompany.com/blog/author/richard-ong) / November 11, 2017 /

[Tax Planning](https://info.ongandcompany.com/blog/topic/tax-planning)

![](https://app.hubspot.com/settings/avatar/89ca6f67445537c2c631f1fe9d43c977)

Under the tax reform plan recently announced by the Trump administration, most itemized deductions would be eliminated, except those for charitable donations and mortgage interest.

Because of this potential change, you may decide you want to accelerate certain deductible expenses you would have had in 2018 into 2017. Here are four key deductions to consider:

1. **State and local income taxes.** This is often a big-ticket item for residents of states with high tax rates. If payments are due on Jan. 1, 2018, pay them in December.
2. **Sales Tax.** Instead of deducting state and local income taxes, you may elect to deduct state and local sales taxes. This deduction, which is often a better option for residents of low-tax states, can be claimed in one of two ways: Deduct the actual sales tax paid during the year based on your records and receipts, or use the IRS table. In addition to the table amount, you can deduct tax paid on certain big purchases like cars and boats.
3. **Mortgage interest and property taxes.** As with state and local income taxes, you may be able to increase your current deduction by prepaying mortgage interest and property taxes. (Note that the proposed tax reform plan would repeal property tax deductions, but not mortgage interest.) You may even consider using a home equity loan to consolidate debts if the interest would qualify as deductible mortgage interest. The loan is secured by your home, so use this technique sparingly.
4. **Charitable donations.** Although charitable donations aren't on the list of proposed tax reform cuts, you can bolster your deduction by making donations late in the year. Be aware that you must observe strict recordkeeping requirements for monetary gifts of $250 or more. Suppose you charge a donation on your credit card on Dec. 31. The gift is still deductible in 2017, even though you won't pay the charge until 2018.

Finally, remember that itemized deductions are reduced for high-income taxpayers. We can help you figure out what deductions are most beneficial for you.

[![Schedule Free Consultation](https://no-cache.hubspot.com/cta/default/2284926/3294d327-5b89-47f5-a693-919af26dcdf4.png)](https://cta-redirect.hubspot.com/cta/redirect/2284926/3294d327-5b89-47f5-a693-919af26dcdf4)

 

- [Tweet](https://twitter.com/share)

### Subscribe

### Recent Posts

### Topics

- [Business Taxes (2)](https://info.ongandcompany.com/blog/topic/business-taxes)
- [Client Spotlight (18)](https://info.ongandcompany.com/blog/topic/client-spotlight)
- [COVID-19 Relief (2)](https://info.ongandcompany.com/blog/topic/covid-19-relief)
- [Education Savings (5)](https://info.ongandcompany.com/blog/topic/education-savings)
- [Education Tax Benefits (10)](https://info.ongandcompany.com/blog/topic/education-tax-benefits)
- [Education Tax Credits (2)](https://info.ongandcompany.com/blog/topic/education-tax-credits)
- [Estate Planning (1)](https://info.ongandcompany.com/blog/topic/estate-planning)
- [Estate Tax (3)](https://info.ongandcompany.com/blog/topic/estate-tax)
- [Financial Statements (1)](https://info.ongandcompany.com/blog/topic/financial-statements)
- [Flexible Spending Accounts (2)](https://info.ongandcompany.com/blog/topic/flexible-spending-accounts)
- [Health Insurance (3)](https://info.ongandcompany.com/blog/topic/health-insurance)
- [Home Office Deductions (1)](https://info.ongandcompany.com/blog/topic/home-office-deductions)
- [Information Reports (3)](https://info.ongandcompany.com/blog/topic/information-reports)
- [Kansas Sales Tax (1)](https://info.ongandcompany.com/blog/topic/kansas-sales-tax)
- [Nonprofits (1)](https://info.ongandcompany.com/blog/topic/nonprofits)
- [One Big Beautiful Bill Act (1)](https://info.ongandcompany.com/blog/topic/one-big-beautiful-bill-act)
- [Partnership Rules (1)](https://info.ongandcompany.com/blog/topic/partnership-rules)
- [Payroll (6)](https://info.ongandcompany.com/blog/topic/payroll)
- [Real Estate (7)](https://info.ongandcompany.com/blog/topic/real-estate)
- [Retirement Savings (17)](https://info.ongandcompany.com/blog/topic/retirement-savings)
- [Self Employment (13)](https://info.ongandcompany.com/blog/topic/self-employment)
- [Starting a New Business (7)](https://info.ongandcompany.com/blog/topic/starting-a-new-business)
- [State PTET Updates (1)](https://info.ongandcompany.com/blog/topic/state-ptet-updates)
- [Tax Cuts and Jobs Act (1)](https://info.ongandcompany.com/blog/topic/tax-cuts-and-jobs-act)
- [Tax Debt (3)](https://info.ongandcompany.com/blog/topic/tax-debt)
- [Tax Deductions (82)](https://info.ongandcompany.com/blog/topic/tax-deductions)
- [Tax Fraud (5)](https://info.ongandcompany.com/blog/topic/tax-fraud)
- [Tax Planning (86)](https://info.ongandcompany.com/blog/topic/tax-planning)
- [Tax Representation (5)](https://info.ongandcompany.com/blog/topic/tax-representation)
- [The Corporate Transparency Act (1)](https://info.ongandcompany.com/blog/topic/the-corporate-transparency-act)
- [Unclaimed Property (1)](https://info.ongandcompany.com/blog/topic/unclaimed-property)

[See all](https://info.ongandcompany.com/blog/year-end-tax-tips-for-individuals#)

### Archive

- [June 2026 (1)](https://info.ongandcompany.com/blog/archive/2026/06)
- [May 2026 (2)](https://info.ongandcompany.com/blog/archive/2026/05)
- [April 2026 (2)](https://info.ongandcompany.com/blog/archive/2026/04)
- [March 2026 (1)](https://info.ongandcompany.com/blog/archive/2026/03)
- [January 2026 (1)](https://info.ongandcompany.com/blog/archive/2026/01)
- [November 2025 (1)](https://info.ongandcompany.com/blog/archive/2025/11)
- [September 2025 (2)](https://info.ongandcompany.com/blog/archive/2025/09)
- [August 2025 (3)](https://info.ongandcompany.com/blog/archive/2025/08)
- [July 2025 (4)](https://info.ongandcompany.com/blog/archive/2025/07)
- [December 2024 (1)](https://info.ongandcompany.com/blog/archive/2024/12)
- [September 2024 (1)](https://info.ongandcompany.com/blog/archive/2024/09)
- [February 2024 (1)](https://info.ongandcompany.com/blog/archive/2024/02)
- [October 2023 (1)](https://info.ongandcompany.com/blog/archive/2023/10)
- [September 2023 (1)](https://info.ongandcompany.com/blog/archive/2023/09)
- [July 2023 (2)](https://info.ongandcompany.com/blog/archive/2023/07)
- [June 2023 (1)](https://info.ongandcompany.com/blog/archive/2023/06)
- [November 2022 (1)](https://info.ongandcompany.com/blog/archive/2022/11)
- [September 2022 (1)](https://info.ongandcompany.com/blog/archive/2022/09)
- [July 2022 (1)](https://info.ongandcompany.com/blog/archive/2022/07)
- [December 2021 (1)](https://info.ongandcompany.com/blog/archive/2021/12)
- [November 2021 (1)](https://info.ongandcompany.com/blog/archive/2021/11)
- [April 2021 (1)](https://info.ongandcompany.com/blog/archive/2021/04)
- [January 2021 (1)](https://info.ongandcompany.com/blog/archive/2021/01)
- [December 2020 (1)](https://info.ongandcompany.com/blog/archive/2020/12)
- [October 2020 (1)](https://info.ongandcompany.com/blog/archive/2020/10)
- [June 2020 (1)](https://info.ongandcompany.com/blog/archive/2020/06)
- [April 2020 (2)](https://info.ongandcompany.com/blog/archive/2020/04)
- [March 2020 (4)](https://info.ongandcompany.com/blog/archive/2020/03)
- [February 2020 (1)](https://info.ongandcompany.com/blog/archive/2020/02)
- [January 2020 (2)](https://info.ongandcompany.com/blog/archive/2020/01)
- [December 2019 (1)](https://info.ongandcompany.com/blog/archive/2019/12)
- [November 2019 (1)](https://info.ongandcompany.com/blog/archive/2019/11)
- [October 2019 (4)](https://info.ongandcompany.com/blog/archive/2019/10)
- [September 2019 (2)](https://info.ongandcompany.com/blog/archive/2019/09)
- [August 2019 (3)](https://info.ongandcompany.com/blog/archive/2019/08)
- [July 2019 (4)](https://info.ongandcompany.com/blog/archive/2019/07)
- [June 2019 (2)](https://info.ongandcompany.com/blog/archive/2019/06)
- [May 2019 (3)](https://info.ongandcompany.com/blog/archive/2019/05)
- [April 2019 (3)](https://info.ongandcompany.com/blog/archive/2019/04)
- [March 2019 (2)](https://info.ongandcompany.com/blog/archive/2019/03)
- [February 2019 (2)](https://info.ongandcompany.com/blog/archive/2019/02)
- [January 2019 (3)](https://info.ongandcompany.com/blog/archive/2019/01)
- [December 2018 (3)](https://info.ongandcompany.com/blog/archive/2018/12)
- [November 2018 (4)](https://info.ongandcompany.com/blog/archive/2018/11)
- [October 2018 (4)](https://info.ongandcompany.com/blog/archive/2018/10)
- [September 2018 (4)](https://info.ongandcompany.com/blog/archive/2018/09)
- [August 2018 (3)](https://info.ongandcompany.com/blog/archive/2018/08)
- [July 2018 (2)](https://info.ongandcompany.com/blog/archive/2018/07)
- [June 2018 (4)](https://info.ongandcompany.com/blog/archive/2018/06)
- [May 2018 (5)](https://info.ongandcompany.com/blog/archive/2018/05)
- [April 2018 (1)](https://info.ongandcompany.com/blog/archive/2018/04)
- [March 2018 (2)](https://info.ongandcompany.com/blog/archive/2018/03)
- [February 2018 (3)](https://info.ongandcompany.com/blog/archive/2018/02)
- [January 2018 (3)](https://info.ongandcompany.com/blog/archive/2018/01)
- [December 2017 (4)](https://info.ongandcompany.com/blog/archive/2017/12)
- [November 2017 (6)](https://info.ongandcompany.com/blog/archive/2017/11)
- [October 2017 (4)](https://info.ongandcompany.com/blog/archive/2017/10)
- [September 2017 (6)](https://info.ongandcompany.com/blog/archive/2017/09)
- [August 2017 (4)](https://info.ongandcompany.com/blog/archive/2017/08)
- [July 2017 (4)](https://info.ongandcompany.com/blog/archive/2017/07)
- [June 2017 (7)](https://info.ongandcompany.com/blog/archive/2017/06)
- [May 2017 (5)](https://info.ongandcompany.com/blog/archive/2017/05)
- [April 2017 (5)](https://info.ongandcompany.com/blog/archive/2017/04)
- [March 2017 (4)](https://info.ongandcompany.com/blog/archive/2017/03)
- [February 2017 (5)](https://info.ongandcompany.com/blog/archive/2017/02)
- [January 2017 (6)](https://info.ongandcompany.com/blog/archive/2017/01)
- [December 2016 (7)](https://info.ongandcompany.com/blog/archive/2016/12)
- [November 2016 (5)](https://info.ongandcompany.com/blog/archive/2016/11)
- [October 2016 (5)](https://info.ongandcompany.com/blog/archive/2016/10)
- [September 2016 (6)](https://info.ongandcompany.com/blog/archive/2016/09)
- [August 2016 (7)](https://info.ongandcompany.com/blog/archive/2016/08)
- [July 2016 (5)](https://info.ongandcompany.com/blog/archive/2016/07)
- [June 2016 (4)](https://info.ongandcompany.com/blog/archive/2016/06)

[See all](https://info.ongandcompany.com/blog/year-end-tax-tips-for-individuals#)

 © Copyright 2016 | Ong & Company. All rights reserved.

**