Sentences with phrase «hard on deductions»
However, while the routine deduction phaseout scheme isn't too hard on deductions, AMT is, and AMT kills a lot of the value of their deductions.
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Of course, it could be argued that the additions outweigh the losses, but it all depends on the kind of business you run and the deductions that hit you the hardest.
The new tax law will make it harder to benefit from itemized deductions for state and local tax, partly because of an increase in the standard deduction and partly because of a new limit on this particular deduction.
States tend to allow fewer deductions and credits than the federal government does, but especially in states with state - level Earned Income Tax Credits, eliminating deductions and credits outright (perhaps except for a standard exemption, but even that could be hard to implement) would be a significant change, and potentially a tax hike on poor families.
Residents in high - tax states like ours are stung harder by cap on state / local tax deduction.
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?»
The new tax law will make it harder to benefit from itemized deductions for state and local tax, partly because of an increase in the standard deduction and partly because of a new limit on this particular deduction.
Many hard credit pulls within short periods of time can cause large negative deductions on a credit score because these actions indicate a desperate push for certain credit limits.
I also saw NAR's elected leaders working hard to carry the association message on private property rights, the mortgage interest deduction, data piracy, and smart growth to the Republican party leadership.
«The recent tax bill clearly addresses some key deductions for many current and potential homeowners, yet the overall net effect on the nation's housing picture is harder to discern,» says Alex Villacorta, executive vice president of Analytics at HouseCanary.