State and local tax deduction cap

  • Updated Guidance on State and Local Tax (SALT) Deductions — What Tax Pros Need to Know

    As the 2025 tax filing season approaches, tax professionals should be prepared to advise clients on significant changes to the State and Local Tax (SALT) deduction rules — changes that materially impact itemized deductions for individuals and complicate planning for high‑income and high‑tax‑state taxpayers. Overview of New SALT Deduction Cap For tax years beginning in 2025 through…