How does the federal deduction for tax preparation fees interact with state and local tax rules regarding these expenses?

Jan 12, 2024 ... The deduction of state and local tax payments from federal income taxes has been a subject of debate among economists and policymakers over ... The state and local tax deduction (SALT deduction) is a United States federal itemized deduction that allows taxpayers to deduct certain taxes paid to state ... Sep 18, 2024 ... The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to ... The 2017 Tax Cuts and Jobs Act (TCJA) wisely capped the value of the SALT deduction at $10,000, which helped provide resources that were used to reduce tax ... Apr 11, 2023 ... How to Calculate the SALT Deduction · Property Taxes: Sum the total property taxes paid on real estate (individually owned properties only, not ... Jan 9, 2025 ... The SALT Fairness for Working Families Act would help save taxpayers money by increasing the SALT deduction cap to $15,000 and eliminating the ... Jan 29, 2021 ... ... (SALT) deduction starting in 2021. The proposal would allow taxpayers to fully deduct their state and local taxes on their federal income returns ... The latest version of the Build Back Better Act would raise the SALT deduction cap from. $10,000 to $80,000 through 2030. ○ “Raising the state and local tax ... Jul 8, 2022 ... For Virginia income taxes, the electing qualifying PTE and the PTE's owners are required to add-back their respective federal deductions for ... 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 ...