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8thAugust 2025
Uncategorized

SALT Deduction Cap Increased to $40,000 for 5 Years: What You Need to Know

Posted By:sginccpa

Between 2018 and 2025, the Tax Cuts and Jobs Act (TCJA) capped the deduction for state and local taxes (SALT) at $10,000. This was a particularly large burden on homeowners in states with high taxes, including New York, California, and New Jersey. Legislative Change: One Big Beautiful Bill Act (OBBBA) Congress passed the One Big… Continue reading SALT Deduction Cap Increased to $40,000 for 5 Years: What You Need to Know

One Big Beautiful Bill Act
4thAugust 2025
Taxation

One Big Beautiful Bill Act (OBBBA): Major Tax Changes for Individuals and Business Owners in 2025

Posted By:sginccpa

The One Big Beautiful Bill Act (OBBBA) contains some of the most comprehensive federal tax reforms in recent years. The working families’ tax relief Act, as the name suggests, is intended to simplify the tax code and offer tax relief for both individuals and businesses. Taxpayers of all kinds will be affected by these new… Continue reading One Big Beautiful Bill Act (OBBBA): Major Tax Changes for Individuals and Business Owners in 2025