An increase in the deduction limit sounds like great news for high earners — but a big tax penalty could be headed your way.

Many taxpayers will itemize deductions again on their 2025 federal tax return due to changes affecting the SALT deduction (State and Local Tax deduction). In this clip, we explain why ...

President Donald Trump's "big beautiful bill" increased the SALT deduction limit to $40,000 for 2025. Here's how that could affect your tax return this season.

Now that the 2025 federal tax bill has been signed into law, it’s appropriate to revisit one of its most news-making elements: the federal deduction for state and local taxes (SALT). The new SALT ...

President Donald Trump's "big beautiful bill" raised the limit on the federal state and local tax deduction, known as SALT, to $40,000 for 2025. From 2018 through 2024, the SALT deduction was limited ...

The IRS has announced the annual inflation adjustments for the year 2025, including tax rate schedules, tax tables and ...

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 ...