Tax
Dec. 3, 2018
California taxes and $10K deduction cap triggers moves and trusts
The year isn’t over yet. But in early 2019, when you sit down alone or with your accountant, is the $10,000 deduction cap with the IRS going to hurt?
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Ouch! California income taxes are high -- up to an astonishing 13.3 percent. That is nothing new. But more than a few Californians may find their own taxes especially irritating this year. Sure, the year isn't over yet. But in early 2019, when you sit down alone or with your accountant, is that $10,000 deduction cap with the IRS going to hurt?
You bet. You used to deduct all your California taxes, but no more. Keep in mind that the ...
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