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Schumer wants to pass the Build Back Better bill by Christmas. That is cutting it really close for payments to be made by Dec 31. And Senate is sure to make changes to the Bill passed by the house, which will need another reconciliation vote, before signing by Biden. If the proposed higher SALT limits remain, itemized deductions become the better option for many. But it means making last minute decisions and trying to make payments before Dec 31 deadline.

To maximize 2021 itemized deductions, one option is to maximize SALT payments by advancing the fourth installment to December from the scheduled Jan 15, 2022. And where allowed prepaying property taxes.

Another is to make charitable deductions. While cash payments can be done online at the last minute, donating appreciated securities take several days lead time. Cutoff times vary with brokers, but is usually at least a week.

I wonder if the Dec 31 deadline will also be extended this year for SALT and charitable contributions to be eligible for itemized deductions in 2021.

Anyway a nail biting time this year end for many taxpayers in SALTy places.

https://www.msn.com/en-us/news/politics/here-are-the-hurdles...
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