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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.
Understanding the intricacies of the State and Local Taxes (SALT) deduction is crucial for optimizing your tax strategy. With ...
On July 4, 2025, President Donald Trump signed the reconciliation bill, known as the “Big Beautiful Bill” (“BBB”), which ...
Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political ...
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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 ...
For individual clients, the Legislation provides estate and tax planning opportunities, including through the increase in the federal gift, estate ...
New York homeowners are set to gain from a major SALT deduction overhaul, with the cap rising from $10,000 to $40,000. The ...
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.
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