Tax deductions

Most advisors don’t know about the tax benefit for qualified small business stock, which can put millions of dollars tax-free into an entrepreneur-client’s bank account.

New York City mayoral candidate Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction is harming the city.

Two lawmakers in the House reintroduced bipartisan legislation Wednesday to change a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct business expenses.

The service didn’t flag hundreds of millions of dollars of unsupported deductions.

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.

The bill would expand eligibility for the “pass-through” deduction to lawyers, accountants or doctors making above certain income thresholds.

Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon this week.

The former Microsoft CEO was cited in a ProPublica story that showed how billionaires use ownership of sports teams to lower their tax obligation.

A rare show of bipartisan unity unfolded Tuesday, with 18 lawmakers making the case for an expansion of the state and local tax deduction.

The House introduced bipartisan legislation Tuesday to provide tax deductions for timber growers to recover from the loss of forests.