High earners are expected to generally benefit from big income tax cuts under the $. trillion tax reform bill signed into law by President Trump before Christmas. And yes, the beneficiaries most likely include President Trump himself. But there s one group that isn t feeling quite so confident residents of .Several states are exploring strategies to preserve the full state and local tax deduction for high income residents, which is capped at $, under the new tax law. In California, legislation has been filed to allow residents to make contributions in lieu of taxes, making a voluntary contribution to a new .Tips to Cut Your Tax Bill You can t deduct your contributions on your federal income taxes, but you might be able to on your state return if you re putting money in your state s plan. If you have a high deductible health care plan, you may be able to lighten your tax load by contributing to an HSA..One possible strategy that tax experts expect states to consider is letting filers make a charitable contribution to their state in exchange for a tax credit and then deduct that contribution on their federal return, since the new law doesn t cap deductible charitable contributions unless it exceeds of your .
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Key Findings. Several states are exploring strategies to preserve the full state and local tax deduction for high income residents, which is capped at $, under .
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