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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.
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 way
Recent changes to the SALT deduction mean itemizing may be your best option. Learn how to make the most of your tax benefits.
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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 ...
The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use ...
What the deduction does is all in the name. It allows taxpayers to deduct what they owe in state and local taxes from their federal income taxes. The OBBBA raises the cap on how much taxpayers can ...
It may end up better to jettison the whole SALT apparatus and settle for the standard deduction.
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.
Higher federal income tax offsets for state and local tax payments have morphed into a mostly upper-middle-class political ...
A new law raising the SALT deduction cap from $10,000 to $40,000 is poised to ease the tax burden on thousands of New Jersey ...
While a federal SALT cap is hotly debated, capping deductibility at $10,000 was an unambiguously good idea at the state level ...
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