Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

/ Posts Tagged "itemized deduction"

Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

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February 17, 2026 , , ,

SALT deduction 2025

An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state and local taxes (SALT) last year, you might save tax by itemizing on your 2025 return even if claiming the standard deduction has saved you more tax in recent years.

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Before claiming a charitable deduction for 2025, make sure you can substantiate it

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February 3, 2026 , , ,

charitable deduction

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity.
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New itemized deduction limitation will affect high-income individuals next year

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November 18, 2025 , , ,

itemized deduction

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact.
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Boost your tax savings by donating appreciated stock instead of cash

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October 14, 2025 , , ,

donate stock

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more.
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Can I itemize deductions on my tax return?

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February 25, 2025 , , ,

itemized deductions

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction.

Here’s how we’ll determine if you can itemize or not for 2024 when we prepare your return.
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Year-end tax planning ideas for individuals

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September 28, 2022 , , , ,

lower tax bill

Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next.

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How will revised tax limits affect your 2022 taxes?

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January 11, 2022 , , , , ,

2022 tax limits

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.

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Can you qualify for a medical expense tax deduction?

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December 15, 2020 ,

medical expense tax deduction

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

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Answers to your questions about 2020 individual tax limits

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January 28, 2020 , , , , ,

2020 Income Tax Limits
Right now, you may be more concerned about your 2019 tax bill than you are about your 2020 tax situation. That’s understandable because your 2019 individual tax return is due to be filed in less than three months.

However, it’s a good idea to familiarize yourself with tax-related amounts that may have changed for 2020. For example, the amount of money you can put into a 401(k) plan has increased and you may want to start making contributions as early in the year as possible because retirement plan contributions will lower your taxable income.

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Some of Your Deductions May be Smaller (or Nonexistent) When You File Your 2018 Tax Return

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March 4, 2019 , , , , ,

2018 tax deductions

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five deductions you may see shrink or disappear when you file your 2018 income tax return:
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