Sentences with phrase «federal deduction»

A federal deduction is a way to lower the amount of money you have to pay in taxes to the federal government. It allows you to subtract certain expenses or contributions from your taxable income, which reduces the overall amount of taxes you owe. Full definition
The city's business community is struggling to challenge Republican proposals to curb federal deductions for state and local taxes.
Every state has their own rules as to which federal deductions they accept.
The concept is to tweak state law in order for residents to take advantage of the federal law that expands charitable donation deductions but restricts to $ 10,000 annually what residents can take in the way of federal deductions on their state and local income taxes.
Governor Cuomo's «desperate proposal,» conjured in response to new federal tax cuts that eliminate federal deductions for state and local property taxes exceeding $ 10,000 in exchange for other financial benefits, is Governor Cuomo's way of admitting that he won't lower taxes as needed in New York, Senator DeFrancisco said.
That is the amount New Yorkers claimed in federal deductions for state and local taxes that they will no longer be able to deduct under the federal law.
Similar to an IRA, earnings on contributions to a 529 college savings plan are tax - deferred; however, unlike a traditional IRA, distributions from the 529 plan are federally tax - free, as long as the funds are applied toward payment of qualified higher education expenses on the state but not federal deduction.
He said New Yorkers could be hit hard by a proposal to end federal deductions for state and local taxes.
The maximum federal deduction, $ 2,500, has not changed since 2001, but between 2007 and 2016, student loan balances increased by 106 percent in real terms and the cost to the federal government of the deduction more than doubled — rising 107 percent, after adjusting for inflation.
The current federal deduction for state and local income and sales taxes, or SALT, is a main difference between the House version of a tax reform plan and a Senate proposal revealed last week.
New Yorkers reported more than $ 72 billion in such federal deductions in 2015, including $ 51.7 billion for income taxes and $ 20.9 billion for property taxes, according to a report released last week by state Comptroller Thomas DiNapoli.
What about federal deductions and credits for education?
For that matter, according to AASA's and ITEP's definition, anyone who receives both a state and federal deduction for their same donation would be considered «double - dipping» — a category that includes nearly every American who makes charitable contributions in states with income taxes!
The maximum federal deduction, $ 2,500, has not changed since 2001, but between 2007 and 2016, student loan balances... Read More
For people whose total annual premiums are below their age - based limit, prepaying a few months» worth of 2018 premiums in advance would let them use more of the full value available to them this year, when they know the federal deduction still exists.
The head of the House of Representatives» tax - writing committee said he would not accept elimination of a federal deduction for state and local taxes.
A tax plan approved by the House of Representatives on Thursday would sharply curtail a federal deduction that millions of Americans can now claim for tax payments to state, county, city and town governments.
On the demand side, individual investors and mutual funds are still buyers, as individuals experienced a somewhat modest tax cut overall (the top income tax rate fell from 39.6 % to 37 %, for example) and many are looking for protection from the tax man now that the federal deduction for state and local taxes is capped at $ 10,000.
The Minnesota standard deduction also matches the federal deduction of $ 6,350 for single filers in 2017.
(While Romney and Obama lead the current presidential pack in personal giving, they are troublingly the only two remaining candidates supporting a partial elimination of the federal deduction for charity, which would cost non-profits far more than either man could personally give in a lifetime.)
Trump's plan to take away the federal deduction for state and local taxes will hit hard in New York, but the pain will be spread unevenly among taxpayers across the state, tax experts say.
Heastie said earlier this week in Albany that it would be crazy to go forward with the millionaires tax because that would add an incentive for the wealthy to flee the state since the the new tax bill would slam the rich by limiting the federal deduction for state and local income taxes.
WASHINGTON — President Donald Trump's plan to take away the federal deduction for state and local taxes will hit hard in New York, but the pain will be spread unevenly among taxpayers across the state, tax experts say.
The proposed tax reform — a different version of which is making its way through the Senate — would deeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes.
Faso said the bill's removal of the federal deduction for state income taxes and the limit on deductions for local property taxes will affect New York families more severely than those in other states.
A bigger issue, Cuomo said, is a congressional proposal that would no longer allow people to take a federal deduction of the state taxes they pay.
During his keynote address at a power breakfast hosted by the Association for a Better New York, de Blasio promised to «keep New York «New York»» and spoke at length about the adverse impact of President Donald Trump and the House GOP's tax plan that will eliminate the federal deduction for state and local taxes (SALT).
High - income earners will certainly be hit in the pocketbooks with the rollback of SALT, which means the federal deduction that people can take for state and local taxes is now capped at $ 10,000.
He said that the danger to the city is coming from Washington, referring to President Donald Trump and the House GOP's tax plan that will eliminate the federal deduction for state and local taxes (SALT) and limits the property tax deduction to $ 10,000.
New York state taxpayers would lose money if Congress decides to end the federal deduction of state and local taxes, he said.
ALBANY — The Republican leader of the New York State Senate broke with national GOP leaders Thursday over plans to eliminate the federal deduction for state and local taxes.
ALBANY — The GOP's plan to eliminate the federal deduction for state and local taxes could cost New Yorkers $ 72 billion a year, state controller Thomas DiNapoli warned Thursday.
Rep. Claudia Tenney (R - Oneida County), said «From day one, I have fought against the elimination of the federal deduction for state and local taxes (SALT), and will work to ensure the deduction is included in the final bill... The real question is: When will Gov. Cuomo stop wasting hard - earned tax payer money on corporate welfare and political self - promotion schemes and finally give New Yorkers the relief they desperately need?»
Representative Lee Zeldin, a Long Island Republican, voted against the House tax bill because of the elimination of the federal deduction for state and local taxes.
Several people familiar with the planning for the fund - raiser said the cancellation was designed to punish Mr. Zeldin, who not only voted against the bill but was outspoken about one aspect: the elimination of the federal deduction for state and local taxes, which particularly impacts high - tax states like New York.
On the eve of Pence's visit, U.S. Sen. Charles Schumer reminded voters that the Trump plan calls for the elimination of a federal deduction for state and local taxes, which benefits taxpayers in high - tax states like New York.
When combined with a federal tax loophole that allows taxpayers to receive a federal deduction on a dollar - for - dollar state tax credit, 10 of these states» credits are so lucrative that they allow some upper - income taxpayers to turn a profit (at federal taxpayer expense) on contributions they make to fund private school vouchers.
The federal deduction for charitable contributions is an attractive target for such an offset.
The present paper provides one solution in the form of childcare and education savings accounts paid for with redirection of current federal spending on early education and care, and through an offset from the federal deduction for charitable contributions.
The federal deduction for charitable contributions is a possible target for such an offset.
Jones said she is contemplating a bill to eliminate the child deduction on Utah income tax (though not the federal deduction) and dedicating new revenues from this move to local public schools through the community councils.
It's not so good for public school budgets Like the House bill, the Senate measure curtails the federal deduction for state and local taxes.
(To see some examples, google the phrase, «A taxpayer may also be able to claim a federal deduction for the donation.
No federal deduction or credit is available for teens participating in driver's education.
In general, taxpayers must only claim state or local income tax refunds as income when they previously claimed a federal deduction at the time the state or local income taxes were paid.
If there are differences between your allowable California deductions and your federal deductions, you must file Schedule CA to adjust your taxable income.
For instance, if an investor pays state tax at an effective 5 % rate (after taking into account the federal deduction allowed for such state taxes) and the state taxes out - of - state bonds (but not in - state bonds), an in - state bond bearing a 6 % interest rate is the equivalent of a 6.32 % out - of - state bond.
What are your thoughts on the federal deduction for mortgage interest?
During the same period, the cost of the federal deduction rose 20 percent.
In addition to the federal deduction, 37 states and the District offer an identical or similar provision, usually through their connections to the federal tax code: Most of these states start their income tax calculations with one of the federal definitions of income — adjusted gross income or taxable income — that include the student loan interest deduction.
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