The Tax Reform Act of 2018 limited the amount an individual who itemizes deductions can deduct for state income taxes and real estate taxes to $10,000. For example, if you paid $8,000 in state income taxes and $7,500 in real estate taxes, you may only deduct $10,000 on your individual … Continued
The Department of the Treasury and the IRS proposed regulations this week that would clarify the relationship between state tax credits and federal rules regarding charitable contribution deductions. Under the proposed regulations, a taxpayer’s allowed federal charitable contribution deduction would be required to be reduced by the amount of any … Continued