What Are The Limits On State And Local Tax (SALT) Deductions? - Latino Family Filing

Описание: What Are The Limits On State And Local Tax (SALT) Deductions? Are you curious about how state and local taxes can impact your federal tax return? In this video, we’ll explain the limits on SALT (State And Local Tax) deductions and what they mean for your family’s finances. We’ll cover how these deductions work, the recent changes to the deduction cap, and what to consider when deciding whether to itemize your deductions or take the standard deduction. You’ll learn about the new $40,000 limit starting in 2025, how high-income families might see their deductions decrease, and the duration of these rules until 2029. We’ll also share tips on keeping records of your tax payments and property taxes to ensure you maximize your deductions. If you live in a state with high taxes, understanding these rules can help you plan better for tax season. Whether you’re planning your taxes for the year or just want to understand how these limits work, this video is designed to give you clear, straightforward information. Remember, consulting a tax professional can help you make the best choices for your family’s financial health. Stay informed and make the most of your deductions!

⬇️ Subscribe to our channel for more valuable insights.

🔗Subscribe: https://www.youtube.com/@LatinoFamily...

#TaxTips #SALTdeduction #TaxPlanning #TaxDeductions #TaxHelp #FinancialTips #LatinoFamilies #TaxSeason #TaxStrategies #TaxSavings #TaxTips2025 #TaxLaw #TaxAdvice #TaxProfessional #MoneyManagement

About Us: Welcome to Latino Family Filing! Our channel is dedicated to helping Latino families navigate the world of taxes with ease. We cover important topics like bilingual tax preparation, filing taxes as an immigrant, and understanding tax credits available to Latino families, such as the Child Tax Credit and Earned Income Credit. You'll also find essential advice on ITIN vs. SSN for taxes, self-employed tax tips, and guidance for first-time filers. We aim to educate and empower our community with the tools needed for successful tax filing.