The One Big Beautiful Bill Act raises the SALT deduction cap to $40,000 for qualifying households—see how it affects you.
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| What It Is and How It Affects Your Taxes |
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| The SALT deduction lets you subtract state and local income, property, and sales taxes from your federal taxable income. It’s designed to prevent double taxation—but since 2017, the deduction has been capped at $10,000 ($5,000 if married filing separately). |
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| What this all means for you |
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| You could see a bigger deduction and a lower federal tax bill. Itemizing your deductions is typically beneficial when total deductions exceed the standard deduction.
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If You Live in a High-Tax State: |
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Such as Illinois, California or New York -this change is especially beneficial. Homeowners paying high property taxes may see the biggest benefit from the expanded cap. |
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If You Take the Standard Deduction: |
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You won’t be directly affected, but this could influence future tax policy. |
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| SALT Deduction Limits by Tax Year |
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This expanded cap applies only to households with a modified adjusted gross income (MAGI) of $500,000 or less. If your income is above that, your deduction is gradually reduced—but never below $10,000. |
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| Standard Deduction vs. Itemized for 2025 |
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| A fixed amount you can subtract from your income—no receipts or documentation needed. - Best for taxpayers whose deductible expenses are less than the standard deduction.
- Available to all taxpayers unless they choose to itemize.
- Very simple - no need to track expenses.
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Best for taxpayers whose total deductible expenses exceed the standard deduction. Requires documentation and receipts for each deduction. Lets you list and deduct specific expenses like: - Mortgage interest (limited on outstanding loan balances exceeding $750,000)
- State and local taxes (SALT)—capped at $10,000 or more under new rules
- Charitable donations
- Medical expenses exceeding 7.5% of your AGI
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| Need help understanding how this applies to you? Let’s talk — we’re happy to help
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| Your Community Dental Experts: Acme Dentistry |
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Based in Franklin Park, Acme Dentistry provides full-service dental care — from routine cleanings and exams to implants, cosmetic work, and full-arch restorations. Their experienced, bilingual team blends cutting-edge technology with a compassionate, personalized approach to patient care. With extended evening hours, Saturday availability, and a commitment to personalized treatment, Acme Dentistry has become a trusted name in the community.
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| MON-TUES: 9AM - 5PM
WED-FRI: 9AM - 7PM
SATURDAY: 8AM - 2PM SUNDAY: CLOSED |
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| That's it for this month. We do more than just taxes and are always available to discuss potential tax savings with clients. Don't hesitate to contact us with any questions regarding these matters or any other issues you may have. |
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"Your referrals are always greatly appreciated" |
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| Visit our Website to see what we're up to: |
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| Ascend Accounting Group, LLC 3175 Commercial Ave Ste 201 Northbrook, IL 60062 Office Number (224) 330-6700 |
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