Tax deductions

Democratic Rep. Gwen Moore introduced legislation to expand the Section 199A Qualified Business Income deduction for the smallest businesses.

The state and local tax issue has been one of the most contentious for the House GOP to resolve.

Lawmakers have separately discussed eliminating a tax deduction for pharmaceutical advertising.

Jason Smith said he will to strike a balance between those who want no limit on the state and local tax deduction and those who want no write-off at all.

A pair of bills would coordinate Pell Grants with the AOTC, and provide a tax deduction for overtime pay.

Key House Republicans discussed ways to direct an expanded state and local tax deduction to those making less than $400,000.

Republican lawmakers pushing for the expansion of the state and local tax deduction are slated to meet with House Speaker Mike Johnson about the $10,000 cap.

Congress will be drafting its multitrillion tax cut proposal in the coming weeks, almost certainly reflecting the priorities of a small minority of constituents.

Rep. Jeff Van Drew thinks House Republicans will end up approving a $30,000 cap on the state and local tax deduction.

Donor-advised funds are continuing to grow while enjoying substantial tax deductions -- even as many contributions go to other DAFs.

Senate Republicans took a major step toward enacting President Donald Trump's tax cut agenda and increasing the U.S. debt ceiling.

A sizable increase to the current $10,000 limit on SALT write-offs would represent a major victory for a crucial group of swing-district House Republicans.

Taxpayers that suffer a smaller loss might not have the sophistication to know that they could be entitled to take a theft loss deduction, warns one expert.

Using EBITDA – which is typically bigger than EBIT — would generate heftier tax deductions.

While other parts of the Tax Code are updated routinely, the passive activity threshold has stayed frozen in time, punishing hardworking Americans.

House Republicans are in talks over raising the cap for state and local tax deductions after winning pledges to include it in a must-pass tax bill this year.

Trump has expressed interest in reviewing options for adjusting the cap on the state and local tax deduction but is not currently advocating for a specific fix.

H&R Block is making the jolly old elf and small-business owner's tax details public for the first time.

What does the 2024 Trump tax plan mean for you and your clients this time around?

A New York Republican congressman says that lifting the cap on state and local taxes will be crucial to getting Trump's tax overhaul through the House.