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Note, entertainment expenses are not deductible and haven’t been since the Tax Cuts and Jobs Act in 2017, the IRS said. If you take someone to an establishment that offers entertainment and food ...
Californians pay the highest marginal state income tax rate in the country — 13.3%, according to Tax Foundation data. But California has a graduated tax rate, which means your rate increases ...
State income tax rates range from as low as 2.5% in Arizona to a high of 13.3% in California. But even if you live in a state with no income tax, you could get hit with a bill if you commute to a ...
These services must be rendered by the taxpayer, for services in the performing arts, to each respective employer, within a given tax year. [4] As a result, performing artists who are paid less than $200 per year by every employer to whom he or she renders services as an employee in the performing arts are not allowed to take this deduction.
The Tax Cuts and Jobs Act of 2017, signed into law by President Donald Trump, capped the total SALT deduction at $10,000 for the tax years 2018 through 2025. [24] The bill also increased the standard deduction, which significantly reduced the number of taxpayers who claim the SALT deduction. [25]
We love L.A. Randy Newman famously gave us the melody for that phrase. For more than 100 years, Los Angeles has been the entertainment capital of the world — a city of dreamers, creators and ...
The deduction was unlimited before the TCJA capped it at $10,000, meaning some high-income residents of those high-tax jurisdictions ended up owing more to the federal government after the law ...
If you choose to itemize deductions, you’ll have the option of deducting the state and local sales tax you paid, or you can choose to deduct the income tax. The sales tax deduction can reduce ...