Several states have enacted laws to allow partnerships and S corporation to deduct state income taxes. California just tweaked their law passed back in July of 2021.
I am frequently asked: “Should I maximize my earned income for a few years before retirement to increase my Social Security retirement benefits?” My answer is the typical, “It depends.”
The Proposed Transfer Tax can actually eliminate net equity for many farm families and cause their heirs to be underwater. It can be much worse than the current or proposed estate tax for most farmers.
