3 Ways To Maximize Your Tax Deduction If You’re Itemizing for 2025

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For homeowners in states with high property taxes, this could raise their allowable deductions past the standard deduction of $15,750 for individual taxpayers and $31,500 for those who are married, filing jointly. Check Out: I Asked ChatGPT What Would Happen If Billionaires Paid Taxes at the Same Rate as the Middle Cl ...