The federal deduction for state and local taxes for single and joint-filing taxpayers who itemize is $40,000 through 2029.

The SALT deduction is a federal itemized deduction for certain state and local taxes you paid during the tax year. You can only deduct state and local income taxes (or sales taxes), real property ...

Here is an overview of the many federal, state, and local taxes that small businesses can face, along with the major tax deductions and credits that they may be entitled to.