Income taxes

House Democrats in high-tax New York, New Jersey, enlist help from firefighters, teachers and other union members to repeal the $10,000 SALT cap on deducting state and local taxes, including property taxes.

The administration’s American Families Plan includes a bump in the top tax rate to 39.6%, but doesn’t specify thresholds for different types of filers.

Some taxpayers, including those who aren't millionaires, have been hammered by the limit, writes Bloomberg’s Alexis Leondis.

The Treasury secretary has previously said she would work with Congress on ways to ease the “disparate treatment” across taxpayers from the deduction limit.

As Congress considers Biden’s $2.25 trillion spending and tax proposal, party members are being explicit with their constituents about how much it’ll cost them.

“We need to study just what impact it’s had,” the Treasury secretary said during a House Financial Services Committee hearing Tuesday.

Holders of donor-advised funds increased their disbursements last year in response to urgent demands for greater charitable contributions to cope with the COVID-19 pandemic.

Some business owners can get hurt by workarounds to the $10,000 limit for state and local tax deductions.

While qualified contributions won’t necessarily give clients the biggest tax bang for their buck, there are exceptions to the rule, Jeffrey Levine writes.

If your clients are owners of a passthrough business entity, you may want to investigate whether or not electing-in to a state’s SALT Cap work-around is advisable.

Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.

The one-two punch of major tax laws passed within four months of each other creates some interesting puzzles for advisors to solve.

For some, estimated tax payments are a non-issue. Others may earn all of their income from sources that don’t withhold amounts for federal income taxes.

Under the proposals, the top 0.1% of earners would be subject to a 43% tax rate on their income.

Depending on the economy and the election, they could be on the chopping block as soon as 2021.

Several significant changes are probably in store for next tax season.

Gifting embedded loss assets can avoid a step-down in basis and preserve capital losses. Here's how to go about it, under several scenarios.

By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.

Major donor-advised fund providers said they’re using webinars, podcasts, social media and emails to nudge clients to give.

Strategies include utilizing charitable trusts to split benefits between multiple beneficiaries and taking advantage of donor-advised funds.