The new federal tax bill was advertised as a way to cut taxes for most Americans, but what about SALT? It stands for State and Local Taxes, and it has been a big deduction for many taxpayers. The federal bill has a new cap on the deductions. Experts say it could impact many taxpayers -- not just the wealthiest -- but there are conflicting reports on what is actually going on.
Our panel explains and answer your tax questions. Our guests:
- Kevin Woodworth, CPA and manager at DeJoy, Knauf & Blood, LLP
- Burton Speer, CPA at Mengel Metzger Barr
- Sean O'Brien, CPA, MBA, and consultant at Roberts Accounting, CPAS
- Doug Smith, CPA, MBA at Young & Company CPAs LLP
