Tax deductions

New Jersey Governor Phil Murphy signed legislation Monday giving small businesses in the Garden State a workaround for the $10,000 cap on state and local tax deductions under the Tax Cuts and Jobs Act.

The Internal Revenue Service issued the 2020 optional standard mileage rates that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

The Tax Cuts and Jobs Act puts a whole new spin on an old strategy.

To help individuals and businesses prepare for filing season, Grant Thornton has released a collection of year-end tax tips.

Legislation that would provide big deductions for taxpayers with high state and local tax bills is gathering momentum in the House this week, but it’s headed into a brick wall in the Senate.

House Democrats are making a last-ditch bid to reverse the $10,000 cap on state and local tax deductions before year’s end. But they’ll likely need to renew their efforts in 2020 — or beyond — because the legislation has no chance of becoming law this year.

There are a host of ways to make the most of the month ahead.

Rev. Proc. 2019-46 reflects changes from the Tax Cuts and Jobs Act.

Certain land donation deals that get hefty tax deductions will be under tighter scrutiny from Internal Revenue Service auditors.

The number of donor-advised fund accounts has tripled in the past four years and grown approximately 150 percent since the passage of the Tax Cuts and Jobs Act at the end of 2017, according to a new report.