Latest News for our Clients:
BIG TAX CHANGES FOR 2025!
Well, Congress has just passed the 2026 budget reconciliation bill and it has a TON of changes or extensions to current tax law. We will breakdown more of these in the coming days (and some of the changes have to wait on IRS regulations to be developed) but there are two things we wanted to mention because we have been getting a lot of emails from current clients about them:
One, is the State and Local tax deduction (aka SALT deduction). Under the previous law, if you are itemizing deductions, there was a limit on SALT deductions of $10,000.
Meaning, that if you paid $15,000 in property taxes and had another $6000 or $8000 in sales tax paid, you were limited to $10,000 in the deduction, not the $23,000.
Well, that SALT cap has been increased to $40,000! This could save folks with those deductions several thousand dollars; especially for our clients that live in other states that have an income tax.
Another important change for man of our clients is an increased standard deduction of $6000 for taxpayers age 65 and over. This deduction will be available whether or not you itemize but does have a phase-out for higher incomes…but it will likely mean a nice tax deduction for senior filers with moderate incomes.
More updates to come!
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QBI, SEP, HSA, EITC, IRA, AOTC, MACRS,
section 179, schedule 1, amt
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