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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 ...
The One Big Beautiful Bill Act's increase of the state and local tax (SALT) deduction cap creates an opportunity to use multiple non-grantor trusts to maximize deductions and enhance estate planning.
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 ...
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.
New York homeowners are set to gain from a major SALT deduction overhaul, with the cap rising from $10,000 to $40,000. The ...
In a no-income-tax state with high property values, the expanded deduction brings timely relief to middle-class owners.
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