Internal Revenue Service

Let the games begin: Tax plan opens new opportunities for taxpayers and state legislators to save key deductions

Let the games begin: Tax plan opens new opportunities for taxpayers and state legislators to save key deductions

You may never have considered your state government or local school district to be a charity needing your donation, but you might want to start thinking that way if the Republicans follow through on their plans to demolish the traditional federal deduction for state and local taxes.

Or you might want to start thinking of yourself not as a corporate employee, but a small business, or even an actual corporation, to take advantage of new rules and lower tax rates proposed for partnerships and individually owned businesses. These businesses are typically known as “pass-through” firms, because they pay taxes through their individual owners.

That’s just the beginning of the games...

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