Tax deductions

Lawmakers are trying to drum up support to allow a debate on raising the state and local tax deduction cap as bipartisan tax package negotiations leave out those proposals.

The new deduction rates apply to electric and hybrid vehicles, as well.

ERC red flags; moving to the cloud; security and the holidays; and other highlights from our favorite tax bloggers.

The regulations address new subsections of the law from the SECURE 2.0 Act.

The ultra-wealthy are using DAFs and private foundations to avoid taxes and exert influence, at the expense of ordinary taxpayers.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

As inflation continues to rise, the service is increasing some, but not all, of the special per diem rates for expenses while traveling.

Legislation to extend the 20% deduction for pass-through businesses beyond its expiration date in 2025 is attracting bipartisan support in the House and Senate.

The former governor said he would keep the cap if elected president, declining to roll back a policy that has become a flashpoint for taxpayers in his own state of New Jersey.

Republicans on the Ways and Means Committee advanced a series of bills aimed at reducing taxes but also rolling back parts of the IRA.