New Yorkers rush to pay taxes on 2018 the year before tax reform comes into effect

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Some residents of New York, New Jersey and Connecticut are in a hurry to pay property and property taxes for 2018 a year before the new federal restrictions come into force on how much they can deduct.

In Hoboken, New Jersey, government officials reported that as of December 21 received an advance payment on property tax from 1400 people, in previous years by this time no more than 200 people paid in advance, writes NBC.

The Tax Reform Act, signed by President Donald Trump on December 22, limits the amount of local and state tax deductions to 10 by thousands of dollars. This will hit hard on New Jersey residents who pay the highest real estate taxes in the country.

In Hempstead, New York, the IRS expects to see more customers in the few days remaining in the year than they typically see in a year as people rush to pay their taxes up front to avoid a potential tax hike.

New York Governor Andrew Cuomo passed an emergency decree allowing state residents to pay taxes for the 2018 year earlier, building on these 2017 declarations of the year. Some customers have to wait in line for an hour just to have time to pay taxes before 1 in January of 2018.

State tax authorities are ready for an influx of customers and extension of working hours, but they advise you to consult with your financial advisor before paying taxes in advance, since early payment may be a disadvantageous solution for some taxpayers.

While some states have indicated their willingness to accept payments in advance, the federal government has not yet specified whether it will accept tax payments for 2018 a year ahead of schedule.

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