Tax deductions

Senate Democrats negotiating an expansion of the state and local tax deduction aren’t near a deal, raising the prospect that talks will spill into next week — and potentially next year.

Here's a rundown of the most important changes poised to take effect five weeks from now, and how to take advantage of them or at least minimize the pain they could cause.

Dueling proposals would deliver large tax cuts to the wealthy while failing to do much for middle-income households, according to a new analysis from.

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

New guidance on the temporary 100% deduction is available in Notice 2021-63.

Lawmakers representing high-tax areas are pushing to make the SALT deduction on federal income taxes a priority.

The service released its annual inflation adjustments Wednesday, including the standard deduction amount for individual and married taxpayers.

Middle-class households in New Jersey and other high-tax states would benefit from an expansion of the deduction, a key House Democrat said.

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.

The spending package could still include a measure to expand or temporarily remove the cap on the deduction on state and local taxes.