Tag Archives: Deduction

IRS Issues Regulations On New Pass-Through Business Deduction

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Evaluating the SALT Deduction Constitutional Challenge

Four states (New York, Connecticut, Maryland, and New Jersey) have brought a lawsuit against the federal tax bill, the Tax Cuts and Jobs Act (TCJA), claiming that its $10,000 cap on the state-local deduction is unconstitutional. They make three claims … Continue reading

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NJ Budget Increases Real Estate Tax Deduction!

2019 NJ Budget increased the real estate tax deduction for individuals from $10,000 to $15,000. An Amnesty Program is planned for delinquent taxpayers Read more detail on Recent Tax Law posts –

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IRS Warns on State Charitable Deduction Schemes to Allow Property Taxes Deduction

The Tax Cuts and Jobs Act of 2017 limits the Code §164 deduction of individuals for state and local taxes to $10,000 per year ($5,000 for married individuals filing a separate return). Thus, many taxpayers in states with high state … Continue reading

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Elimination of Alimony Deduction Gives Urgency to Divorces

Negotiating spousal maintenance agreements during divorce may become more contentious because of a change to a long-standing tax law. The federal tax reform bill passed in late 2017 eliminated the popular alimony deduction for federal income taxes. The deduction is … Continue reading

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