As followers of this blog will recall, I’ve written many times about the State and Local Tax (SALT) cap for itemized deductions. Individual Taxpayers have been limited to a maximum amount of $10,000 in deductions for this category regardless of how much they actually spend in a year on state income and property taxes.
Given all the proposals floating between Congress and the President’s office these days, how does one know what to do to minimize you and your family’s tax burdens?
Just to jog your memory, you will recall that one of the most contentious provisions of the Tax Cuts and Jobs Act of 2017 was to deny individuals an itemized tax deduction for state and local taxes (SALT) paid in excess of $10,000.
No, we aren’t talking about preserving meat. But we are talking about preserving money. Yours.
In this last in the series of Blogs I write detailing the differences between the two Presidential candidates tax plans, I think its only fitting that in light of the upcoming Day of the Dead Holiday, we talk about…. DEATH! So let’s dig in.
As the theatrics of the first debate showed, this election campaign is about social issues, not finance. However, at the end of the day, most Americans will still tend to vote their pocketbook. So, in this fifth in a series of six blogs about tax platforms, lets take a look at some real estate issues that will affect many of you.
In our first tax plan comparison we discussed Individual tax provisions and a few specific tax items. In session #2 we went over carried interest, changes to social security taxes and California’s AB5. In session # 3 we went over health care and retirement. Now, let’s take a look at some business provisions.
In our previous sessions we discussed Individual tax provisions and a few specific tax items. Let’s take a look at some more, shall we?
In our previous session, we focused on the tax differences that mostly dealt with the individual tax rules. In this instalment, we’ll dig a bit deeper into some specific items that may or may not affect you, but will give you a sense of what to expect from either side in the future.
Now that we know officially who the two main contenders are for the White House in November, I thought it would be helpful to evaluate the two sides’ competing tax proposals, head to head.
