State estimated income taxes:
If you pay quarterly estimated income taxes, please read on...
The next state quarterly payment is due January 15. Our usual advice is to prepay that amount by Dec 31, to get a deduction on this year's taxes.
However, our advice for this year is different. Don't prepay. Put off the payment until January
Here's why: In next month's run-off senate election in Georgia, if the democrats wind up winning both seats, it's possible that a Biden Administration would work to make the deduction for state income tax payments more generous. So putting off the payment to next year might get you a larger tax deduction.
If you have questions, please let us know.