10 Tax Moves to Make Before 2018

2017 is rapidly coming to a close, and there are some things you really need to do with your taxes before the year ends. With tax reform efforts ongoing in Washington, there's a high likelihood that 2017 will be the last year you'll be able to take advantage of some key tax breaks.

If you think that Republican lawmakers will succeed in passing a bill that includes most of the provisions that they initially proposed, then considering some of these tax moves before Dec. 31 is a must. Below, we'll first look at some possible moves that you should consider as "use it or lose it" items, and then turn to more general year-end tax tips.

One likely casualty of tax reform for taxpayers will be the itemized deduction for state and local taxes. This provision includes not only a choice between deducting income or sales taxes at the state and local level, but also your property tax payments to government entities. If you've already paid the bills that were due in 2017, consider whether you can make early payments toward your future tax liability. It's when you make the payments that matters for purposes of deductibility, so if the deduction goes away in 2018, then paying sooner than you otherwise would have to could be the only way to get a tax break at all.

Source: Fool.com