Taxpayers in rush before tax bill implemented

Accountants are advising some taxpayers to pre-pay property taxes before the newly-passed tax law takes effect in 2018.
3:00 | 12/28/17

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Transcript for Taxpayers in rush before tax bill implemented
Thanks. We'll turn to the tax plan. Stephanie Ramos is back in Washington with the latest on how the make the most of those deductions while they are still around. Stephanie. Reporter: Dan, this morning so many taxpayers are rushing to pay their bill just before that new law, that new tax bill, takes effect January 1st. This tax bill would cut the amount millions of Americans can deduct on federal tax bills. It's a new financial reality for a lot of people. The new law limits deductions for state and local income taxes and property taxes. Capping them at a combined $10,000. Accountants say some taxpayers could consider pre-paying next year's property taxes before the new year to get a larger deduction. That only gives you a couple of days to do so. Experts say if you are itemizing for 2017, check with your personal accountant to see if it makes sense. For example, if you have been assessed $20,000 in property tax, you could be saving between $3,000 and $8,000 by paying early, depending on your tax bracket. Thank you. Paula, over to you.

This transcript has been automatically generated and may not be 100% accurate.

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