Tag: tax reform

LIHTC Partnerships Impacted by Limitations on Business Interest

Due to the changes in the federal tax law resulting from the passage of the 2017 Tax Cuts and Jobs Act, the deduction for business interest can be severely limited for many taxpayers for tax years beginning after December 31, 2017. The interest deduction cannot exceed the sum of: Business interest income for the tax

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Universal Charitable Deduction Could Reduce Taxes, Boost Giving

Itemizing your charitable giving on your tax return has always been a great incentive to give — along with the warm feeling of supporting good causes. However, tax reform proposals by Republican lawmakers and the Trump administration that would increase the standard deduction for individuals and families may take away that incentive. After all, it’s

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