The IRS has blessed this workaround for dodging the cap on state and local taxes
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.
Original Article Source Credits: CNBC , https://www.cnbc.com/
Article Written By: Darla Mercado
Original Article Posted on: NOV 18 2020