Good News for Business Owners – California Assembly Bill 150
By Rob Trammell, Principal
For those of us living in California, or other high tax states, there was a nasty section of the Tax Cuts and Jobs Act (TCJA) that has been causing some pain since 2018. That was the $10,000 limitation on the amount of state and local taxes that could be deducted for federal purposes. Even though your state income and property taxes could well exceed that amount, the maximum deduction on your federal return was limited to $10,000. (more…)