President Donald Trump's "big beautiful bill" increased the SALT deduction limit to $40,000 for 2025. Here's how that could affect your tax return this season.

Many taxpayers will itemize deductions again on their 2025 federal tax return due to changes affecting the SALT deduction (State and Local Tax deduction). In this clip, we explain why ...

Forbes contributors publish independent expert analyses and insights. Joseph J. Thorndike writes about tax history. The state and local tax deduction has been a part of the federal income tax from the ...

President Donald Trump's "big beautiful bill" temporarily raised the limit on the federal deduction for state and local taxes, known as SALT, from $10,000 to $40,000 for 2025. However, you must ...

OBBBA has introduced a ‘Seniors Deduction’ for retirees over 65, of up to $6,000 for individuals ($12,000 for couples), in ...

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 ...

You’ll find new deductions and new forms when you file taxes this year, thanks to the One Big Beautiful Bill Act.

As Senate Republicans debate trillions of tax breaks advanced by the House, some business owners could be blocked from part of the proposed windfall, policy experts say. Stream Los Angeles News for ...

The budget bill passed in July adds a new deduction for seniors that could eliminate taxes on social security for some.

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 ...

For those trying to anticipate what's different, here are tax changes that could affect you this year and might even retroactively affect your 2025 taxes.