-
House blocks effort from New York Republicans to boost ‘SALT' tax deduction
A longshot bid to temporarily double a $10,000 cap on state and local tax deductions for most married couples went down to defeat Wednesday in the House. The limit was put in place as part of the sweeping tax cuts that a Republican-led Congress passed during then-President Donald Trump’s administration. The so-called SALT cap has led to bigger tax bills for...
-
The Difference Between Tax Credits and Deductions Explained With Sticky Notes
Both tax credits and tax deductions can help taxpayers keep more of their money, but they do it in very different ways. Here’s how they work.