Final 2025 Year-End Tax Planning
The year 2025 is coming to a close, and there are still a few opportunities for year-end tax planning. It’s important to note that state and local tax deductions (SALT) are set to increase significantly. President Trump’s tax bill, passed by Congress in July, raises the annual deduction limit from $10,000 to $30,000. As a result, many individuals living in high-tax states such as New Jersey, New York, and California will now have the option to utilize the standard deduction.
