Michigan Is The Only State Where You Can’t Pre-pay Your Taxes
Pre-paying the 2018 tax bill is a way to beat President Trumps new tax plan overhaul. Unless you live in Michigan.
In President Trump's new tax bill, You can only deduct up to $10,000 from your property taxes. Heres a quote from Smartassets.com
The newly released tax bill proposes major changes to state and local tax deductions. Under Trump’s plan, taxpayers would still be able to deduct state and local property taxes, though this will be capped at $10,000. However, they will no longer be able to deduct state and local income and sales taxes. This is one of the most hotly debated aspects of the plan and is expected to be unpopular among Republicans in high-tax states.
So by pre-paying for your 2018 taxes, you could save thousands!
HOLD ON MICHIGAN RESIDENTS, NOT SO FAST!!!
According to Michigan Tax Law, Property assessments cannot be calculated for 2018 before December 31st of 2017. That basically means, no assessment, no payment.
What does all this mean to you? I don't know. I'm not an accountant or tax attorney. I just found it odd that Michigan is the only state that will not allow you to pay your taxes early.