Tax Deductions
News updates about tax deductions advisors should consider for their clients.
10 States With the Most Income Tax Writeoffs
By Michael S. FischerTaxpayers with expenses like mortgage interest can often write off far more than the standard deduction.
March 06, 2024
Tax Court Rules on New Secure 2.0 Limits for IRA-Related PenaltiesNew time limits on penalties for excess IRA contributions and missed RMDs are not retroactive, the court ruled.
March 04, 2024
Watch Out for These Potential Tax Changes in 2024Changes could affect such areas as first-year depreciation and interest deductions, plus the child tax credit.
February 15, 2024
SALT Deduction Bill Fails Test Vote in HouseRep. Lawler, R-N.Y., said that, while disappointed, he'd keep up the fight for his bill.
February 14, 2024
SALT Deduction Bill Heads for House VoteThe SALT Marriage Penalty Elimination Act would double the deduction cap for joint filers for 2023.
February 13, 2024
SALT Deduction Bill to Get Procedural Vote WednesdayThe SALT Marriage Penalty Elimination Act would double the cap to $20,000 for couples earning less than $500,000.
January 26, 2024
10 Must-Knows to Get the Most Out of Charitable GivingWhen it comes to tax-efficient donations, there's a big gap between client expectations and advisors' service delivery.
January 22, 2024
Medicare's IRMAA: Avoiding Post-Retirement Sticker ShockFor some retiring clients, avoiding the surcharge could be as simple as filling out a form.