Tax deductions

The debate about the cap on federal deductions for state and local taxes has flipped the tables for lawmakers.

Americans gave less money to charities last year partly because the Republican tax law changes made many people ineligible for tax breaks that can inspire donations.

New York, New Jersey and Connecticut have been fighting a new cap on state and local tax deductions ever since it was included in the 2017 Republican tax overhaul.

Sen. Ron Wyden, D-Ore., introduced the legislation in response to the recent college admissions scandal.

Good news for taxpayers in New York, New Jersey and California. Lawmakers are going to start talking about rolling back a new limit on a popular break for state and local taxes.

The legislation would correct a problem in the Tax Cuts and Jobs Act that makes it difficult for performing artists to deduct their work-related expenses.

The Tax Court has held that the generous tips and gifts that a Catholic evangelist considered to be part of his efforts to spread the gospel were not deductible charitable contributions.

Four days before the filing deadline, the IRS quietly added 21 questions to its website page of frequently asked questions about issues related to Section 199A, the new 20 percent deduction for pass-through businesses.

The revenue procedure updates the depreciation deductions allowed for owners of passenger automobiles, trucks and vans placed in service in 2019.

Small businesses across America are asking the same question: Am I operating in the correct entity to maximize tax savings?