Client Update – REMOVAL OF CAP ON ITEMIZED DEDUCTION OF STATE AND LOCAL TAXES
In 2017, the Tax Cuts and Job Act imposed a ten thousand dollar ($10,000) cap on the amount of itemized deductions that a taxpayer can deduct on the taxpayer’s tax return (the “Cap”). Prior to the Cap, a taxpayer could deduct the full amount of all state and local taxes paid to the applicable state and…
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