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“And let's talk about what we call it, SALT deduction. Remember, this is just $10,000. It's so important that we had to put one or two slides in to make sure you are aware of it. Look at the second sentence. The new tax law, this is the law that was passed in 2017 effective 2018 and 2019. That's that $10,000 cap on state and local taxes including property taxes, real estate taxes and it only applies to individuals who want to take an itemized deduction. And I've got another slide here. I'm talking to you about this and I want you to realize this. Because I mentioned to you earlier when I was showing you schedule A that there's some expenses that can be put on line six that the 10,000 doesn't apply to.
The Tax Cuts and Jobs Act (TCJA) made some sweeping changes to a wide range of federal income tax provisions. While not every amendment impacts every taxpayer, those related to the deductibility of state and local taxes (SALT) and the mortgage interest deduction could significantly change the analysis residents use when deciding whether to pay off their mortgage early—or even to purchase a home in the first place.
In 2018, Connecticut passed a law to regulate who can provide tax preparation services, making it one of only a handful of states to do so. In support of this comprehensive legislation...
For most soon-to-be-retirees, they have at least one meeting with a financial advisor to ensure one's nest egg will provide adequate financial support. But what about you the tax expert? Read on for a quick primer on some of the tax changes your clients may appreciate knowing before they turn in their final two weeks’ notice.
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