Tax deductions

Many people spend many dollars trying to get out of their tax bills by finding loopholes and workarounds. Well, it’s very likely that states are going to be doing the same thing in a year or two. The intent is to lower the burden on their own residents who can no longer deduct as many […]

As congressional Republicans keep grinding away on their tax bill, the question is: which tax bill? The full House is planning to vote on its bill this week. The Senate Finance Committee started work on its bill today, and President Donald Trump tweeted several suggestions, including a provision to repeal the Obamacare individual mandate. There’s […]

The Republican tax plan would change alimony from something that is treated favorably for the people who have to pay it to something that is more of a tax burden. That’s because alimony payments would no longer be deductible from income on the payer’s tax return. The change could make divorce settlements more difficult to […]

The true impact of the Republican tax proposal on the middle class can’t really be measured just yet. We do know it would create a new “family credit” and expand the child tax credit used by working families. On the other hand, the personal exemption taxpayers can now claim for themselves and each of their […]

The GOP tax bill as written gets rid of deductions for state and local income taxes and would cap state and local property tax deductions at $10,000. It would also limit the mortgage interest deduction by capping it at $500,000 for future home purchases. These provisions will have a bigger impact in some parts of […]