Beginning in 2018, deductions for state and local sales, income and property taxes remain deductible, but are limited as a result of the Tax Cuts and Jobs Act. The amount that you can deduct for all state and local sales, income and property taxes may not exceed $10,000 ($5,000 for married taxpayers filing a separate return).
Doeren Mayhew’s tax advisors encourage individuals to consider the following due to the changes for this deduction:
To find out how the changes to the state, local and property tax deduction may impact your tax liability, please contact Doeren Mayhew’s tax advisors today.
Want to reach the author? Email Michael Weller or contact him at 248.244.3039. Michael Weller, JD is a Senior Tax Manager with Doeren Mayhew.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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