If you live in a high-tax state, you could see some relief from income and property levies for 2025 — thanks to a change enacted via President Donald Trump’s “big beautiful bill.”
The Republicans’ multitrillion-dollar legislation temporarily raised the limit for the federal deduction for state and local taxes, known as SALT.
For 2025, the SALT deduction cap is $40,000, up from $10,000 in 2024, which includes state and local income taxes and property taxes. You can claim the SALT deduction if you itemize tax breaks.
While the $40,000 limit increases by 1% yearly through 2029, the cap reverts to $10,000 in 2030 — which leaves five years to leverage the bigger tax break.
Here’s a look at other stories affecting the financial advisor business.
