Tax deductions

Congress reintroduced legislation to prevent abuses of a tax break that’s supposed to protect public lands, but is often used as a tax shelter.

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

New legislation would equalize the tax breaks for different types of recreational vehicles, including travel trailers and campers.

Investigators have been trying to determine whether the company gave an accurate valuation for its Seven Springs property when it served as the basis for about $21.1 million in tax deductions for donating a conservation easement for the 2015 tax year.

Pulling the costs directly out of clients’ IRAs can blunt the sting, but it shrinks the pot of tax-deferred retirement assets.

The Small Business Administration plans to begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply.

The president’s decision threatens to complicate congressional negotiations over his sweeping new social-spending program.

Lawmakers should closely study the impact of the deduction before making changes, the No. 3 House Democrat James Clyburn said.

Many RIAs can qualify for this lucrative benefit. Here’s what you need to know this tax filing season.

Trump’s legislative triumph has put President Biden in a bind.