When you hear that the “One Big Beautiful Bill” (OBBBA) from President Donald Trump raises the state and local tax (SALT) deduction cap to $40,000, it might sound like a meaningful tax break. But once ...

The One Big Beautiful Bill Act (OBBBA) makes temporary changes to the federal deduction for state and local taxes (SALT), potentially benefiting taxpayers with high SALT expenses if they plan ...

The new SALT deduction was supposed to give homeowners in high-tax states a break. By quadrupling the amount of state and local taxes they could deduct from their federal return, these homeowners ...

The SALT deduction is only available to taxpayers who itemize their deductions rather than claiming the widely used standard deduction The decision on whether to take the standard deduction or itemize ...

The new administration in Washington, D.C., has ushered in changes to the tax code. Many taxpayers want to know how the One Big Beautiful Bill Act (OBBBA), which passed in July, will affect them. The ...

In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers five questions on changes to the state and local tax deduction. The OBBB increased the SALT deduction cap to ...

The Trump administration’s tax and spending bill signed into law this month contains many provisions opposed by the congressional delegations of blue states, including Massachusetts. Nevertheless, the ...

Homeowners now have the chance to write off much more of their state and local tax bills, and this could potentially lead to bigger tax refunds. That’s if they play their cards right on the SALT ...

In New Jersey, for instance, more than 40% of homeowners paid more in property taxes than the previous $10,000 cap allowed. Under the new $40,000 limit, only 1.6% are expected to exceed the threshold.