What does the Federal cap on State and local tax deductions mean for you?
HAVE YOU ROUTINELY ITEMIZED YOUR FEDERAL TAX DEDUCTIONS? In 2018, you may decide to take the standard deduction instead. One possible reason: the new limit on state and local tax deductions set by the federal government. THE SALT DEDUCTION IS NOW CAPPED AT $10,000. The standard deduction for State and Local Tax (SALT) is now $12,000 ($24,000 for a […]
