Is the temporary increase SALT CAP going to reduce your taxes?

Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes?

The SALT CAP deduction from the OBBB has been getting a lot of airtime. Is the temporary increase in the CAP from $10,000 to $40,000 going to reduce your taxes? The short answer is it depends. We created this short video to explain who gets a tax break and who does not. The tax reductions depends on: Were your SALT taxes under $10,000, if not this bill does almost nothing for you. Were your SALT taxes over $10,000 and you itemized, the tax reduction depends on your specific number Was your income over $500,000, that is when the $40,000 starts to be reduced.

Get Your NYC Business Guide

Download our comprehensive guide to help you navigate NYC business requirements and make better financial decisions.

Disclaimer: When submitting this form, you will receive The Bottom line, our regular updates with insights for better financial decisions. You can opt out at any time.