Tax deductions

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy.

The institute is asking Congress to expand the deduction to include accounting firms and other businesses excluded under the Tax Cuts and Jobs Act.

Most advisors don’t know about the tax benefit for qualified small business stock, which can put millions of dollars tax-free into an entrepreneur-client’s bank account.

New York City mayoral candidate Eric Adams told a group of House lawmakers that the limit on the state and local tax deduction is harming the city.

Two lawmakers in the House reintroduced bipartisan legislation Wednesday to change a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct business expenses.

The service didn’t flag hundreds of millions of dollars of unsupported deductions.

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.

The bill would expand eligibility for the “pass-through” deduction to lawyers, accountants or doctors making above certain income thresholds.

Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon this week.

The former Microsoft CEO was cited in a ProPublica story that showed how billionaires use ownership of sports teams to lower their tax obligation.

A rare show of bipartisan unity unfolded Tuesday, with 18 lawmakers making the case for an expansion of the state and local tax deduction.

The House introduced bipartisan legislation Tuesday to provide tax deductions for timber growers to recover from the loss of forests.

Congress reintroduced legislation to prevent abuses of a tax break that’s supposed to protect public lands, but is often used as a tax shelter.

Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.

New legislation would equalize the tax breaks for different types of recreational vehicles, including travel trailers and campers.

Investigators have been trying to determine whether the company gave an accurate valuation for its Seven Springs property when it served as the basis for about $21.1 million in tax deductions for donating a conservation easement for the 2015 tax year.

Pulling the costs directly out of clients’ IRAs can blunt the sting, but it shrinks the pot of tax-deferred retirement assets.

The Small Business Administration plans to begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply.

The president’s decision threatens to complicate congressional negotiations over his sweeping new social-spending program.