If you paid a lot of state and local taxes in 2018, buckle up this tax season — new laws cap how much of those payments you can deduct on your federal tax return. FIND OUT IF THE CAP MIGHT AFFECT YOU
Generally, property taxes and either sales taxes or state and local income taxes are deductible on federal returns. Newton estimated that as many as 75 percent of his firm's individual clients will hit this new cap on state and local taxes.
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