President Donald Trump’s recently enacted “Big Beautiful Bill” includes a headline-grabbing boost to the state and local tax (SALT) deduction—raising the cap from $10,000 to $40,000 beginning in 2025. While this change sounds like welcome news for taxpayers in high-tax states, the legislation includes a lesser-known income-based phaseout that could result in a significant—and surprising—tax hit for some higher earners.
In today’s ever-changing tax landscape, a key benefit of strategic tax planning is to evaluate opportunities to assist our clients offset, defer and/or postpone taxable income to position our clients to qualify for deductions, credits, and exclusions that can significantly reduce their tax liability.
