If you make a higher income and live in a high-tax state (such as California), you’ve probably bumped into the $10,000 “SALT cap” limitation (“SALT” stands for “State and Local Income Tax”). This SALT cap limitation has, in recent years, severely restricted the ability for homeowners to deduct, for example, the full amount of their […]
If you invest in rental or commercial property, the new 2025 tax law might be your favorite thing since sliced bread. Here’s why: 👉 100% Bonus Depreciation is Back and Permanent Assets placed in service after January 19, 2025, can now be expensed in full—again. That means instead of deducting a building or renovation over […]
For individuals who are self-employed, freelancing, managing side jobs, or operating their own businesses, 2025 introduces new tax opportunities. 👉 The 20% QBI Deduction is Now Permanent Also known as the “Section 199A deduction,” this write-off lets you deduct up to 20% of your net business income. Before, it was set to expire. Now it’s […]
Raising kids isn’t cheap—but Uncle Sam is throwing a few more bones your way in 2025. The new tax law includes some adjustments to popular tax credits for parents. Here’s what’s new: 👉 Child Tax Credit Bumps Up to $2,200 This is a $200 increase over last year. BUT—and this is important—not all families will […]
If you get a W-2 from your job, you might feel like tax breaks are usually for “someone else”—business owners, investors, people who own yachts, etc. But this year? That’s changing. The new 2025 tax law (aka the “One Big Beautiful Bill”) added some surprising deductions just for W-2 workers: 👉 No Tax on Tips […]