Hence we perceive that the clause which declares the supremacy of the laws of the Union, like the one we have just before considered, only declares a truth, which flows immediately and necessarily from the institution of a federal government.
More immediately, taxpayers in high-tax states are rushing to see whether they can seek extra relief ahead of a new cap on the state and local tax deduction that will go into effect on Jan. 1. Taxpayers will get to deduct only up to $10,000 in both property and income or sales taxes going forward, and GOP negotiators specifically banned people from prepaying 2018 income taxes this year for an extra tax break.
Global Tax Blog. How To Deduct Bonuses in 2015 But Pay Them in 2016. It may surprise you, but, in certain circumstances, tax law allows accrual-basis taxpayers to deduct bonuses in 2015 that are not paid until early 2016. If your business is looking to defer taxes to 2016 by accelerating deductions into 2015, this strategy might be right for you.