Tax deductions

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.

Democrats risk settling for a less generous expansion of the state and local tax deduction than previously hoped after President Joe Biden conceded that lawmakers will have to scale back his economic agenda to get it enacted.

High-earning taxpayers would face much smaller tax hikes — or even cuts — if Democrats decide to restore the federal deduction for state and local taxes in legislation that’s now moving through the House.

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.

The institute is asking Congress to expand the deduction to include accounting firms and other businesses excluded under the Tax Cuts and Jobs Act.

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.

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.