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The IRS has blessed this workaround for dodging the cap on state and local taxes

Author: External Author | | Categories: IRS Tax Levy , Tax Preparation , Tax Relief , Tax Resolution

Blog by Ultimate Tax Relief

The IRS has signaled it will bless a workaround that allows small-business owners to skirt the $10,000 cap on state and local income tax deductions.

Ever since the Tax Cuts and Jobs Act took effect in 2018, high-tax states have sought ways to help individual taxpayers who itemize on their returns deal with the $10,000 limit.

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Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  NOV 18 2020

Link to Original Article:  https://www.cnbc.com/2020/11/18/thisthe-irs-is-blessing-workaround-that-allows-business-owners-to-deduct-state-and-local-taxes.html



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