The deduction for state and local taxes is currently capped at $10,000, but the tax bill that just passed in the House would ...

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

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.