Pre-pay taxes While You can to minimize tax bill in 2017 ..

Now that the new tax law has been signed by President Trump, there are steps you may consider taking right now before year end. For example, personal property taxes may make sense to pre-pay in 2017 with standard deduction doubling for next year. According to San Jose Mercury News - https://www.mercurynews.com/2017/12/22/can-you-pre-pay-your-2018-taxes-to-avoid-the-gop-tax-bill-heres-what-you-need-to-know/ Here’s the short form: You can’t pre-pay your 2018 state income or property taxes. But you can pay the last installments of your 2017 taxes — which are not due until next year — before 2018. If you itemize, doing so could save you big money on your federal tax bill this year. Starting next year, the tax overhaul that President Donald Trump signed into law Friday caps the deductions for state and local income and property taxes at $10,000 combined.

Section 179 - Invest in 2017 at higher corporate rate ?

Now that Congress is debating lowering the corporate tax rate , it might be even more important to acquire equipment / technology you have been debating . Since Section 179 is based on a 100% writeoff in year 1, but investing now at 35 percent tax rate you may get a significantly higher discount than if you implement in 2018 .