With the tax reform act passed this year you maybe eligible to deduct up to $40,000 in state and local taxes. New for 2025, you can deduct up to $40,000 in state and local taxes if you itemize. This is an increase of $30,000 above the previous $10,000 cap we had in the past. Your income must be below $250,000 for single and married filing separate filers and $500,000 for married filing joint before a phase out begins. If you make over $600,000 married filing joint or $300,00
Frank Spandler
Oct 1, 20251 min read
STAY IN THE KNOW
Contact Us
Please leave a note letting us know how we can assist you.