Last week of year. Considering the new tax plan, should I...

I just got a phone call from a good girl friend in the suburbs of DC. They collected over 1.5M in prepaid property taxes, that ranged from 5K to 250K paid.

Really rich folks are nervous.

The property tax deduction will be capped at $10k, so if you pay less then $10k/year in property taxes then you shouldn’t have to worry about it. If you pay more than $10k/year, then you’ll probably want to pay this week. If you pay significantly more than $10k/year, then you may want to call your Tax office this week and try to prepay for 2018.

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A. Purchase car? I need to replace my totaled car. I can write off taxes (since I don't have state income tax) and at this late date, business use depreciation?

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A) Car depreciation isn't changing much. Are you going to put this vehicle in your business? Keep in mind unreimbursed employee expenses, including mileage or depreciation/actual if you are an employee, are going away in 2018. That means you might want to get a depreciation expense now.

How much in car sales taxes do you think we will have?

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B. I always pay previous year's property taxes by end of January without penalty. Should I pay them this week and possibly the 2018 taxes, too?

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B) Yes, if one of the following applies.

i) Your annual sales tax deduction and property tax deduction exceeds $10,000

ii) You will itemize for 2017, but the increase in standard deduction means you will take the standard in 2018.