What the New Tax Law Means for Individual Taxpayers
Автор: SD Mayer & Associates LLP
Загружено: 2025-07-15
Просмотров: 21
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President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law on July 4.
Here are some of the favorable changes that may affect you and your family.
Starting in 2025, the child tax credit rises to $2,200 per qualifying child under 17 (up from $2,000).
The deduction limit for state and local taxes (SALT) for 2025 is increased to $40,000. For 2026, the deduction limit rises to $40,400 and increases by one percent over the previous year’s amount in 2027–2029. The SALT deduction limit will return to $10,000 in 2030. The deduction is phased out for higher-income taxpayers.
These are just a couple provisions in the massive new law. Contact us if you have questions about your situation.
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