Summary of “Tax Changes Are Coming Next Year, but You Can Plan for Them Now”

The higher standard deduction – at least $24,000 per couple, up from $13,000 – and the absence or limitation of these other deductions could also lessen the tax benefits of charitable deductions.
“The loss of some of the deductions will go a long way toward tax simplification but not necessarily toward tax savings,” said Timothy M. Steffen, director of advanced planning at Baird, a wealth management firm.
Most municipalities set property tax rates in the middle of the year.
Joseph J. Perry, the tax and business services leader at Marcum, a national accounting firm, said his firm was exploring a novel strategy for clients to prepay New York State tax for the first, second and third quarters of 2018.
If the tax math works – and given that the income tax rates are likely to be higher this year than next year – people who can make large charitable deductions this year are likely to get more benefit.
Under the proposed changes, an investor would have to sell the oldest stock first – under the premise of first in first out, said Gary M. DuBoff, principal in the tax and accounting department at MBAF, an accounting firm.
As the year was nearing an end, a swath of wealthy taxpayers rushed to make taxable gifts, thinking that Mr. Obama would reduce what had been a generous estate and gift tax exemption of $5 million a person.
That exemption essentially eliminated the estate tax for all but a few Americans, but it was bad news for some people who had made irrevocable gifts solely for tax purposes.

The orginal article.