Tax deductions

Bonus depreciation, Section 179, interest and loss limitations—what does it all mean?

The federal tax overhaul put in place by Republicans has produced an unusual show of bipartisanship now that tax season is here: We are a nation united in befuddlement.

New York state lawmakers could punch a $50.6 billion hole in the federal government’s budget by revamping their state income tax.

New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that’s federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of the new U.S. tax code.

Businesses—especially smaller firms—may scale back on treating clients to major league baseball games, golf outings and the like after Congress and President Donald Trump ended a tax break for such entertainment.

In liberal bastions like metro New York and California, the Trump tax overhaul has been criticized as economic warfare. But as elements of the plan come into focus, tax experts are concluding that some of the most dire predictions for high-tax blue states—particularly surrounding the treatment of state and local taxes—may not pan out as feared.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

Washington, D.C.’s city government collected more than $50 million in prepayments of 2018 property taxes from about 7,500 taxpayers, said David Umansky, a spokesman for the city’s Chief Financial Officer Jeffrey S. DeWitt.

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they’ll suffer from a sharp reduction in state and local deductions.

A roundup of influential and important legal decisions from the past year.

The Internal Revenue Service has issued a revenue ruling clarifying the tax treatment of a package of films on a TV channel in terms of the domestic production activities deduction.

Local jurisdictions in high-tax states are grappling with changes from the tax reform act.

But many 2018 taxes have already been levied, experts say.

Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.

Republican Senator Susan Collins ripped news coverage of her decision to vote for the GOP tax-cut bill as "unbelievably sexist" on Tuesday.

The Republican tax bill that’s on the brink of passage would vault America’s corporate tax rate into a much more competitive position globally and deliver temporary tax cuts to a broad range of people.

At the end of every year, millions of Americans can make strategic moves to shave a few bucks off their April tax bill. Right now, millions more should be able to get into the act, with Congressional Republicans poised to pass a 503-page law that fundamentally restructures the U.S. tax code.

On Friday, the Republican leadership in Congress released the contents of the tax reform bill they expect to vote on in the week before Christmas.

Here are key changes to U.S. tax law for individuals and businesses that have emerged from the final Republican bill that’s headed for votes in the House and Senate next week.