MASSACHUSETTS – As residents prepare their tax filings, Secretary of the Commonwealth William Galvin is reminding taxpayers to pay close attention to recent changes in federal tax law that could significantly impact their deductions.
Galvin says that under a tax reform package signed into law earlier this year, some taxpayers who itemize deductions may now deduct up to $40,000 in state and local tax payments, an increase from the previous $10,000 cap. The expanded deduction can include property taxes, auto excise taxes, and state income taxes, though taxpayers are advised to consult a tax professional to understand eligibility and specific rules.
