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

Many taxpayers are eager to file returns to collect a refund, but it's important to gather the necessary tax forms first. Filing an incomplete return could flag the IRS system, delay processing or ...

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.