(Update: Since publication of this story, the IRS has released guidance related to the prepayment of 2018 state and local property taxes. The agency said people can only deduct prepaid property taxes that have already been assessed; prepayments of anticipated taxes will not be deductible.)
Year-end tax moves may be even more vital this year.
Passage of the GOP tax overhaul will mean big changes for taxpayers in 2018.
About 49 million taxpayers, or 28 percent, itemize their expenses for deductions, according to the Urban-Brookings Tax Policy Center. The tax legislation almost doubles the standard deduction. That change and the disappearance of several key itemized deductions mean it's likely even fewer taxpayers will itemize.