Posts Tagged ‘itemized deductions’

Itemized Deduction for State and Local Taxes

December 20, 2017

This is the first in our series Last Minute Actions for the New Tax Law.

The new tax law will make it harder to benefit from itemized deductions for state and local tax, partly because of an increase in the standard deduction and partly because of a new limit on this particular deduction. Affected taxpayers may want to consider prepaying tax they otherwise would pay in 2018, but the law appears to block this strategy as to prepayments of state and local income tax. (more…)

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