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Form 513 Oklahoma Resident Fiduciary Income Tax Return Packet & Instructions

Form 513 Oklahoma Resident Fiduciary Income Tax Return Packet & Instructions

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hey everyone today I'm going to break down how you can save on your federal taxes using the state and local tax or salt deduction this deduction allows you to reduce your taxable income by the amount of state and local taxes you've paid let's dive into the key components and limitations of this deduction first up state and local income taxes this includes taxes withheld from your paycheck estimated tax payments and any balanced du payments to your state or local tax Authority alternative ly you can choose to deduct state and local sales taxes instead of income taxes this can be especially beneficial if you live in a state without an income tax or made significant purchases subject to sales tax next property taxes you can deduct real estate property taxes paid on residential commercial and land properties that you own however there's a catch the tax cuts and jobs act or tcja CA the salt deduction at $10,000 and or $5,000 if you're married filing s

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