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Long Islanders feel pinch of new tax deduction cap

As the year winds down, Long Islanders may be feeling the pinch of President Donald Trump's tax plan as they begin to file their taxes.

News 12 Staff

Dec 27, 2018, 10:54 PM

Updated 1,975 days ago

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As the year winds down, Long Islanders may be feeling the pinch of President Donald Trump's tax plan as they begin to file their taxes.
"Yeah, I'm gonna get murdered," says Steve Schwartz, of Plainview, adding that he pays $18,000 a year in property taxes on his home.
The federal government has now capped the amount of state and local property, income and sales tax deductions at $10,000. The capped deduction is a big concern for many Long Islanders and other New Yorkers who pay high local taxes.
"Everyone is worried," says Pete Meyer, of Woodbury.
Tax professionals like Anthony Basile say the capped deductions will be an issue, but adds that the loss may be countered by lower federal tax rates.
And while you may be limited on state and local deductions on your federal return, tax professionals say you'll still be able to make those deductions on your state return.
Still, Schwartz says he believes the new federal tax rules will be tough on Long Islanders who are working hard just to make ends meet.
Tax experts say it's important to have a professional prepare or review your return this year to make sure you are correctly paying your federal and state taxes.


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