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How today's IRS announcement could save you on taxes -- if you act quickly

A copy of a IRS 1040 tax form is seen at an H&R Block office on the day President Donald Trump signed the Republican tax cut bill in Washington, DC on December 22, 2017 in Miami, Florida. (Joe Raedle/Getty Images)

If you hurry, you might be able to catch a tax break before the new Republican tax law takes effect in 2018.

Does this apply to me?

The Internal Revenue Service confirmed Wednesday that taxpayers who have already received a tax assessment from their local government can prepay their 2018 property taxes before the end of the year.

Why is this important?

The new tax legislation contains a $10,000 limit on the value of state and local tax deductions.

The IRS’s confirmation gives taxpayers the go-ahead to prepay 2018 property taxes this year and have them added as a deduction when they file 2017 taxes next year.

You might be out of luck if you…

Already paid estimated property taxes and did not receive an assessment for 2018 from your local/municipal government.

All hope is not necessarily lost, however. Contact your state or local government to get guidance and interpretation about whether/how they might reverse payments.

Here’s the full statement from the IRS on this issue.

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