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The SALT income tax deduction cap was increased to $40,000 in Trump’s bill. Should you take it?
The measure is often referred to as the SALT income tax deduction. (SALT stands for “state and local taxes.”) It allows taxpayers to deduct from their taxable federal income the amount they pay in state and local taxes, thus lowering their federal tax liability.
Congress passed a giant tax bill that includes the Senate's SALT changes that allow rich Americans in high-tax states to save money, experts say.
On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which ...
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To claim your SALT deduction, itemizing might be the only wayRecent changes to the SALT deduction mean itemizing may be your best option. Learn how to make the most of your tax benefits.
Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political ...
For individual clients, the Legislation provides estate and tax planning opportunities, including through the increase in the federal gift, estate ...
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Income tax vs. sales tax: Which saves you more under SALT?Changes under the OBBBA make choosing between income or sales tax deductions more important than ever for maximizing your ...
Now, a dramatic change is in motion. Congress has approved a new $40,000 cap on state and local tax (SALT) deductions, and it’s headed to the President’s desk.
New York homeowners are set to gain from a major SALT deduction overhaul, with the cap rising from $10,000 to $40,000. The ...
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