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Talking SALT: Don’t miss out on this $40K tax deduction...
The One Big Beautiful Bill just quadrupled the State and Local Tax (SALT) deduction cap from $10,000 to $40,000. Huge win for high-tax states like NJ.... But here’s the catch. You’re phased out of qualifying for this tax break if your adjusted gross income (AGI) is over $250K (single) or $500K (joint). So if you’re anywhere near those limits, now is the time to do some planning and lower your taxable income. Here are a few tips: ✅ Max out your 401(k) contributions • $23,500 in 2025 • PLUS an additional $7,500 catch-up if over 50 ($31,000 total) • NEW FOR 2025: “Enhanced Catch Up” of $11,250 “super catch-up” if age 60–63 ($34,750 total) ✅ Defer income into future years ✅ Taking RMDs? Use Qualified Charitable Distributions instead of taking as income ✅ Harvest capital losses to offset any gains Planning ahead could save you tens of thousands over the next 5 years. And don’t wait. This enhanced SALT deduction is set to expire in 2030. Be sure to work with your trusted financial planner and CPA to see how you can take full advantage of these strategies. #TaxPlanning #HNW #SALTdeduction #HighIncomeTaxStrategies #OneBigBeautifulBill #WealthPlanning #FinancialAdvisor #NJTaxes #CPAtips #TaxStrategy #HNWPlanning #TaxSmart #ReduceYourAGI #QualifiedCharitableDistributions #401kCatchUp #CapitalLossHarvesting #SFCorpsPlanning
Making the right choices in taking Social Security. And don't miss our Medicare webinar on Oct 28.
2:05
Making the right choices in taking Social Security. And don't miss our Medicare webinar on Oct 28.
2:05
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