Taxes

The state and local tax (SALT) deduction just got a major—though temporary—upgrade. For tax year 2025, the SALT cap rises to $40,000 (from $10,000), creating a valuable window for high-tax, high-income households to boost itemized deductions. The cap applies to a combination of property taxes and either state income or sales taxes, and—crucially—it comes with new phaseout rules tied to your adjusted gross income (AGI). Below, you’ll find a practical, step-by-step playbook to