With the new tax law (TCJA Act), there has been a permanent flat 21% tax rate on C-corporations from January 1st, 2018, naturally many tax payers may be interested in switching their entity to C-corporation to evade paying high tax.
Dis-Union: States' Workarounds for the $10,000 Limit on the State and Local Tax Deduction
The 2017 tax law Tax Cut and Jobs Act (TCJA) allows individual tax payers a detailed deduction for state and local income, real property and personal property taxes. For tax years from 2018 through 2025, the TCJA under its sub section, disallows individual tax payers from subtracting more than $10,000 in state and local taxes.
