Can business owners deduct state and local taxes as business expenses?

Jan 16, 2025 ... ... deduction, so the loss of SALT deductions significantly undercut any 199A benefit. For reasons unknown, the TCJA did not extend the SALT cap ... Nov 1, 2022 ... ... SALT deduction. New York, joined by Connecticut, Maryland, and New ... deductions (e.g., the $10,000 cap on SALT deductions). Generally ... Jun 22, 2023 ... The SALT deduction is a subsidy for high-income taxpayers in high-tax states, paid for by the rest of Americans. It created perverse incentives ... Sep 6, 2024 ... Urge Congress to Allow SALT Cap Deduction to Expire. The $10,000 State and Local Tax (SALT) Deduction Cap is one of the provisions from the 2017 ... Nov 26, 2024 ... Starting with the 2018 tax year, the maximum SALT deduction became $10,000. There was previously no limit. This has left some high-income filers ... Aug 25, 2021 ... The SALT deductions are limited by a new cap of. $10,000, effective 2018. The unique impact of the new SALT deduction cap on home prices is. May 7, 2020 ... We consider options that would limit all itemized deductions, not just the SALT deduction, and an additional option that would raise the four ... Nov 2, 2021 ... ... SALT tax deduction as only helping “high-income households.” Sen. Bernie Sanders (D-VT) opposed efforts to restore the SALT tax shelter for ... Jun 18, 2020 ... State Tax Strategies for Athletes and Entertainers: Residency and SALT Deduction Limitations. Jan 27, 2025 ... As an individual, your deduction for state and local taxes (SALT) (lines 5a, 5b and 5c on Schedule A of Form 1040) is limited to a combined ...