August 17, 2021

California’s new rule to avoid the $10,000 cap on state tax deductions

The 2017 Tax Cuts and Jobs Act capped the individual itemized deduction of state and local taxes to $10,000, which significantly decreased one of the biggest deductions for most Californians.  This is because in California between the high-income tax rate and real estate taxes many taxpayers paid well over $10,000. Governor Newsom recently signed California […]