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  2. State and local tax deduction - Wikipedia

    en.wikipedia.org/wiki/State_and_local_tax_deduction

    The deduction disproportionately benefits wealthy and upper-middle class taxpayers living in areas with comparatively high state and property taxes. [2] [3] [4] The Tax Cuts and Jobs Act of 2017 signed into law by President Donald Trump put a $10,000 cap on the SALT deduction for the years 2018–2025. [5]

  3. Taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_the_United_States

    Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. [1]

  4. Homestead exemption in Florida - Wikipedia

    en.wikipedia.org/wiki/Homestead_exemption_in_Florida

    Florida property tax homestead exemption reduces the value of a home for assessment of property taxes by $50,000, so a home that was actually worth $100,000 would be taxed as though it was worth only $50,000. However, the second $25,000 of homestead coverage does not apply to the school portion of property taxes, and only applies to the third ...

  5. How your 2020 taxes could affect the size of your next ...

    www.aol.com/finance/2020-taxes-could-affect-size...

    If your 2020 income was below $80,000 for single filers and $160,000 for joint filers, you would be eligible for some amount of the potential third round of $1,400 stimulus checks, according to ...

  6. Property tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Property_tax_in_the_United...

    The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not. The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property.

  7. Are you ready to file your taxes? What to know about Florida ...

    www.aol.com/ready-file-taxes-know-florida...

    Quarterly estimated payroll and excise tax returns that were due January 31, 2023. Penalties on payroll and excise tax deposits that were due Nov. 7-22 also will be abated.

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