With the new tax bill passed and signed next years taxes will see a large reduction in the amount of deductions and credits you can take, especially as an itemized tax payer. One of the biggest of these being property taxes which makes up the bulk of state and local taxes (SALT). If you haven't heard deductions for SALTs will be mostly removed, making this the last year you can take advantage of them.
So this has sent a large amount of people to their municipal offices to prepay their taxes. The tax bill has blocked people from paying their state income taxes early but hasn't stopped them from paying property taxes. However the IRS has stated that you can only pay assessed property taxes, not estimated ones, and must do it before years end, 3 days from now.
Once those are paid for part of 2018 you can including their payments as deductions in your current 2017 taxes; that you will be filing in the coming months; before those deductions are discontinued in next years taxes(2018).
This link will tell you a bit more thorough overview of the tax law changes and how to take as much advantage of them as you can.
https://www.nytimes.com/2017/12/27/business/prepaying-your-property-taxes-irs-cautions-it-might-not-pay-off.html
DISCLAIMER: I am not an accountant and I am just paraphrasing my understanding of the tax changes to get a conversation started with other people and hopefully some actual tax professionals to find the truth. Do talk to a tax professional before taking any actions off of something you read online.
Great Educational post. Taxation is always a complex area because it continually changes with new legislation or changes to old legislation. Getting information from experts is the best way to learn.
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