[quote]
The Treasury and IRS have issued new rules that will block blue states’ attempts to circumvent the new $10,000 cap on state and local tax deductions.
The proposed regulation was released Thursday afternoon.
The $10,000 limit on the so-called SALT deduction was part of the Tax Cuts and Jobs Act, an overhaul of the tax code, which was passed last year.
[/quote]
[quote]
The Treasury and IRS have issued new rules that will block blue states’ attempts to circumvent the new $10,000 cap on state and local tax deductions.
The proposed regulation was released Thursday afternoon.
The $10,000 limit on the so-called SALT deduction was part of the Tax Cuts and Jobs Act, an overhaul of the tax code, which was passed last year.
[/quote][/quote]
Look on the bright side,…
[quote] Surprise! These 5 GOP Tax Breaks Will End by 2026
Five critical tax provisions designed to save low- and middle-income taxpayers money could be short-lived.
The recently passed Tax Cuts and Jobs Act (TCJA) added numerous temporary provisions to the tax code, which can be hard to keep track of. Thankfully, the Joint Committee on Taxation (JCT) recently put out an overview on all expiring and already expired tax provisions between 2016 and 2027. While many of these temporary provisions are relatively minor, some, like the numerous individual provisions expiring in 2025, are particularly worth noting.
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