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.
With the new standard deduction amounts being introduced in 2018, it might not be reasonable for taxpayers to itemize their deductions moving forward. However, if you still plan to itemize, here are some notable changes that you should take into account for 2018. Capping of the State and Local Taxes Deductions (SALT) The number to [...]
By Courtney Rozen Initial estimates aren’t promising: The American Enterprise Institute projected June 18 that the law would reduce charitable giving by $17.2 billion this year, according to a static analysis. But in the six months since Republicans passed the 2017 tax act (Pub. L. No. 115-97), much of the impact is yet to [...]
If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit [...]
From our CPAAI member firm H2R CPAs in Pittsburgh, "New Tax Rules for Meals and Entertainment". The article provides a summary of the new rules regarding meals and entertainment tax deductions, signed into law with the Tax Cuts and Jobs Act of 2017. by Nate DeFilippi, CPA, MBA H2R CPA is pleased to provide a [...]