A Charitable Strategy for Residents of High-Tax States

If you live in high-tax state, you may be asking what can you do to save after the new tax overhaul? Doubling up on your charitable contributions every other year to alternate your ability to itemize could make sense.

(Image credit: Thomas Demarczyk)

So by now you have surely heard that The Tax Cuts & Jobs Act Of 2017 has passed and major changes are on the way. Unfortunately, if you live in a high-income-tax state (like New York or New Jersey) you will probably be paying more in taxes. So, what can you do?

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Paul V. Sydlansky, CFP
Founder, Lake Road Advisors, LLC

Paul Sydlansky, founder of Lake Road Advisors LLC, has worked in the financial services industry for over 20 years. Prior to founding Lake Road Advisors, Paul worked as relationship manager for a Registered Investment Adviser. Previously, Paul worked at Morgan Stanley in New York City for 13 years. Paul is a CERTIFIED FINANCIAL PLANNER™ and a member of the National Association of Personal Financial Advisors (NAPFA) and the XY Planning Network (XYPN). In 2018 he was named to Investopedia's Top 100 Financial Advisors list.