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Re: pre-paying 2018 taxes
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By Terrence T. McDonald tmcdonald@jjournal.com
The Jersey Journal

JERSEY CITY -- Calling the sweeping tax overhaul approved by Congress yesterday "hurtful to working families," Jersey City today said it will allow residents to prepay their entire 2018 estimated tax bills this year if they want to try to take advantage of a deduction the bill has curtailed.

Property taxes are now entirely deductible, but starting next year taxpayers will only be able to deduct up to $10,000. Residents in high-tax states like New Jersey have been flooding local tax collectors with calls asking to prepay their taxes this year so they can attempt to deduct them when they file their 2017 tax returns in April.

Jersey City had initially said it would cap prepayments of next year's bill to two quarters -- a limit other New Jersey municipalities have -- but Mayor Steve Fulop, a Democrat, said he decided today to allow residents to pay all four quarters this year.

http://www.nj.com/hudson/index.ssf/20 ... _to_prepay_2018_taxe.html

Posted on: 12/22 7:01
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Re: pre-paying 2018 taxes
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Quote:

Adonis wrote:
Nice to see all these Jersey City folk looking into how they can exploit a tax loophole for their own personal gain.


Nice to see some financial illiterates up here who can never be wise with their money... When City Mayor is saying this can be done ad they have increased the cap to 2X, it ain't a loophole

Posted on: 12/21 23:04
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Re: pre-paying 2018 taxes
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Nice to see all these Jersey City folk looking into how they can exploit a tax loophole for their own personal gain.

Posted on: 12/21 22:47
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Re: pre-paying 2018 taxes
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maybe they caught up to it, it was working when I posted the link. can't help with bank paid taxes.

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tictaktoe wrote:
thanks. I wasnt aware of it and the best I could see where the assessment records but not how to pay.

My taxes typically go through my mortgage company. Would I need to instruct NOT to pay because I'll pre-pay or since they will not see any amount outstanding, if if it is billed, they woudln't pay it? Trying to see how to best do it + avoid having to do rounds of City Hall. Currently, it is throwing out an error -

Server Error in '/' Application.

Posted on: 12/21 21:27
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Re: pre-paying 2018 taxes
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thanks. I wasnt aware of it and the best I could see where the assessment records but not how to pay.

My taxes typically go through my mortgage company. Would I need to instruct NOT to pay because I'll pre-pay or since they will not see any amount outstanding, if if it is billed, they woudln't pay it? Trying to see how to best do it + avoid having to do rounds of City Hall. Currently, it is throwing out an error -

Server Error in '/' Application.

Posted on: 12/21 21:04
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Re: pre-paying 2018 taxes
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you can pay online here (which has been available predating this administration) - http://taxes.cityofjerseycity.com/Home


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tictaktoe wrote:
can we prepay online? and how ?

Posted on: 12/21 20:54
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Re: pre-paying 2018 taxes
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can we prepay online? and how ?

Posted on: 12/21 20:47
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Re: pre-paying 2018 taxes
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Newspaper reports indicate that anyone with a large (or very large) 2018 property tax liability might be able to reduce their federal tax liability for 2018 by paying all (or part) of their 2018 tax liability before the end of 2017. This is because the just-passed federal tax law imposes new caps — starting in 2018 — on taxpayer deductions for state and local tax payments when computing their federal income tax liability. A tweet today from JC City Hall suggests that early payment can be made. However, so far the City Tax Collector won’t accept checks for more than about 5% of the total 2018 tax.

If anyone has any current experience or knowledge of what’s going on, please advise. Thanks

Posted on: 12/21 20:14
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Re: pre-paying 2018 taxes
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No, Trump won't sign until next year so the effects won't be felt until after the 2018 election.

Posted on: 12/21 19:36
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Re: pre-paying 2018 taxes
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Quote:

Ralph_Abutts wrote:
No mention of nor is it about illegality, but rather limiting your federal tax payment by paying your local taxes now to get the bigger tax deduction.....that is assuming it is permissable under the new federal tax code. I doubt many of the fed legislators read ALL of the hundreds of pages of legislation bwfore voting, so who else would have parse out all of the details post vote in such a short amount of time to know if such is feasible ?!?


There is no new federal tax code. It won't be signed until January 1 or later. So the current tax code is still in effect.

Posted on: 12/21 19:04
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Re: pre-paying 2018 taxes
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No mention of nor is it about illegality, but rather limiting your federal tax payment by paying your local taxes now to get the bigger tax deduction.....that is assuming it is permissable under the new federal tax code. I doubt many of the fed legislators read ALL of the hundreds of pages of legislation bwfore voting, so who else would have parse out all of the details post vote in such a short amount of time to know if such is feasible ?!?

Posted on: 12/21 18:58
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Re: pre-paying 2018 taxes
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Quote:

bodhipooh wrote:
Quote:

Annod wrote:
Twitter:

City of Jersey City:

IMPORTANT: While the Republican tax plan is terrible for working families, we are going to try to minimize damage. We will now allow residents to pre-pay 2018 property taxes so that they can capitalize on existing laws. You can do so at City Hall between now & the end of 2017 .

4:29 PM - 21 Dec 2017

https://twitter.com/JC_Gov/status/943956549122363392



Ha ha ha! What a joke. Since when has it been illegal, or impossible, to "prepay" property taxes? It has always been legal and possible to pay your property tax bill before its due date. This is just grandstanding.


They're extending it to encompass the entire year, something that not all towns do. Please make informed posts in the future.

Posted on: 12/21 18:08
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Re: pre-paying 2018 taxes
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Quote:

Annod wrote:
Twitter:

City of Jersey City:

IMPORTANT: While the Republican tax plan is terrible for working families, we are going to try to minimize damage. We will now allow residents to pre-pay 2018 property taxes so that they can capitalize on existing laws. You can do so at City Hall between now & the end of 2017 .

4:29 PM - 21 Dec 2017

https://twitter.com/JC_Gov/status/943956549122363392



Ha ha ha! What a joke. Since when has it been illegal, or impossible, to "prepay" property taxes? It has always been legal and possible to pay your property tax bill before its due date. This is just grandstanding.

Posted on: 12/21 17:48
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Re: pre-paying 2018 taxes
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Twitter:

City of Jersey City:

IMPORTANT: While the Republican tax plan is terrible for working families, we are going to try to minimize damage. We will now allow residents to pre-pay 2018 property taxes so that they can capitalize on existing laws. You can do so at City Hall between now & the end of 2017 .

4:29 PM - 21 Dec 2017

https://twitter.com/JC_Gov/status/943956549122363392


Posted on: 12/21 16:42
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Re: pre-paying 2018 taxes
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Quote:

terrencemcd wrote:
I'd love to hear from anyone thinking of pre-paying their estimated 2018 tax bill for a story I'm writing. I'm at 201-273-0492 or tmcdonald@jjournal.com. Thanks!

Terrence


https://www.cnbc.com/2017/12/18/prepay ... -blocked-in-gop-bill.html

Note end of article -

(Correction: A previous version of this story incorrectly stated that property taxes could not be prepaid.)

Posted on: 12/21 16:00
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Re: pre-paying 2018 taxes
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Are you referring to property taxes or business taxes? I read somewhere that people are prepaying their property taxes for 2018 to get the benefit for 2017 but I also heard that does not count.

Posted on: 12/21 15:59
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pre-paying 2018 taxes
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I'd love to hear from anyone thinking of pre-paying their estimated 2018 tax bill for a story I'm writing. I'm at 201-273-0492 or tmcdonald@jjournal.com. Thanks!

Terrence

Posted on: 12/21 15:35
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