What are the potential penalties for incorrectly claiming the salt deduction?

2 days ago ... After a week of meetings and discussions, Republicans still haven't settled on how to handle the state and local tax deduction, also known as “ ... 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 ... First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income. Additionally, the ... Sep 9, 2024 ... In 2017, the average SALT deduction taken in New Jersey was $19,000, nearly double the current cap, and $24,000 in Bergen County. The deduction ... Sep 1, 2021 ... We can help. roundtable meeting. Make sure you understand how the SALT Deduction Cap will impact you. ... The Tax Cuts and Jobs Act of 2017 (“TCJA ... Feb 7, 2025 ... What is the SALT Deduction Cap? The Tax Cuts and Jobs Act (TJCA) of 2017 established a cap on the SALT tax deduction of $10,000 per tax return ... Jul 27, 2021 ... ... (NY-02) led a letter to Congressional leadership calling for the immediate repeal of the State and Local Tax (SALT) deduction cap. Mar 1, 2023 ... The SALT deduction allows taxpayers to deduct state and local taxes paid from their federally taxable income, however the 2017 Tax Cuts and Jobs ... Feb 8, 2025 ... We strongly urge you to include a full repeal of the State and Local Tax (SALT) deduction cap in any tax-related legislation brought to the ... Oct 9, 2017 ... The deduction for state and local taxes (SALT), long distained by policy experts on both sides of the aisle, seems likely to survive its most recent near-death ...