Tax deductions

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.

Uncertainty around sunsetting provisions should have professional athletes planning ahead on their taxes.

This election season could have a more significant effect on tax policy than most. How can CPAs guide their clients through this potential volatility in tax policy?

Rev. Proc. 2019-48 lays out the new rates for taxpayers who don't want to substantiate their actual expenses.

The former president pledged to lift a cap on the state and local tax deduction valuable to many New York homeowners that he imposed as president.

Donald Trump said that he would revive the state and local tax deduction, a popular tax break for New Yorkers that the former president limited during his time in the White House.

Taxpayers earning more are more likely to choose to itemize their deductions, while taxpayers earning less tend to favor the standard deduction.

The SALT cap is one of several tax issues to be confronted next year, with key portions of Trump's 2017 tax cuts expiring at the end of 2025.

If marijuana is reclassified, lots of businesses may want to reconsider their structure.

Economists advising Donald Trump are pushing to keep a cap on the state and local tax deduction, limiting a valuable tax break for many residents of New York, New Jersey and California.

Chief obstacles; tax illiteracy; what makes a great preparer; and other highlights from our favorite tax bloggers.