States given green light for SALT workaround

Since the Tax Cuts and Jobs Act of 2017, taxpayers have been limited to $10,000 of state taxes they can claim as itemized deductions. This state and local tax, or SALT, limitation has caused many people to pay more federal income taxes over the last couple years. In response, states have been looking for creative […]

More states enact SALT workarounds

New York and Georgia have now added to the growing number states enacting measures to work around the cap on state and local tax deductions. The 2017 Tax Cuts and Jobs Act placed a $10,000 cap on the deduction, which was a blow to residents in high tax states. Since TCJA was enacted, various states […]

IRS allows SALT cap workaround for pass-throughs

When the Tax Cuts and Jobs Act was enacted in 2017, the $10,000 cap on state and local taxes deductions left residents in high tax states out in the cold. For example, many New Yorkers and Californians know it is not unusual for state income tax amounts to approach the cap from payroll deductions alone. […]