Source: AGWEB, 12/17/17


When it became apparent that state income taxes would either (a) not be deductible or (b) there would a be a limit of $10,000 on the deduction, many commentators suggested prepaying 2018 income taxes by December 31, 2017 in order to obtain a deduction.  Our firm had researched this issue and could find no authority for allowing this deduction.  We now no longer have to worry about whether it would be allowed or not.

For more of this story, click here.