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Homeowners: The SALT deduction is going up to $40,000. Here’s how to get the most out of it.
Homeowners now have the chance to write off much more of their state and local tax bills, and this could potentially lead to bigger tax refunds. That’s if they play their cards right on the SALT ...
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Homeowners in high-tax states just got a bigger federal tax break
The 2026 SALT deduction cap rises to $40,400, potentially giving homeowners in high-tax states a larger federal deduction if ...
For the next five years, there will be a much more generous state and local tax deduction available to federal income tax filers, thanks to the recently enacted mega tax-and-spending-cuts law. The new ...
On July 1, 2025, the One Big Beautiful Bill Act, H.R.1 – 199 th Congress (2025-2026) (the “Act”) was passed in the U.S. Senate (“Senate”). On July 3, 2025, it was passed in the U.S. House of ...
President Donald Trump’s ‘big beautiful bill’ delivers a temporary higher limit on the federal deduction for state and local taxes, known as SALT. But the phaseout, or income-based benefit reduction, ...
CPAs and advisors are warning clients to maximize their charitable deductions before year-end. That’s because the massive tax and budget legislation known as the One Big Beautiful Bill Act, which ...
This is the first installment in a three-part series exploring the key implications of the One Big Beautiful Bill Act (OBBBA). On July 4, 2025 the One Big Beautiful Bill Act (OBBBA) was signed into ...
The 2017 Tax Cuts and Jobs Act fundamentally reshaped the federal tax landscape. One of its most controversial provisions was the imposition of a $10,000 cap on the deductibility of state and local ...
A substantial and surprising surge in the marginal tax rate for select high-income earners due to the phaseout of the state and local tax (SALT) deduction is now being referred to by wealth managers ...
The recently enacted OBBBA introduces several compelling new planning opportunities for high-net-worth individuals and families to consider. Among the most impactful changes is the increase to the ...
In a recent case, the U.S. Court of Appeals for the Second Circuit addressed and rejected arguments by several States who challenged updated regulations that would prohibit many of the state and local ...
The SALT deduction is only available to taxpayers who itemize their deductions rather than claiming the widely used standard deduction The decision on whether to take the standard deduction or itemize ...
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