Under the recently enacted One Big Beautiful Bill Act, a new limitation applies to itemized deductions for taxpayers in the top marginal tax bracket. This provision doesn’t eliminate deductions outright, but it does reduce their tax value in a way that can meaningfully affect high-income households.
To minimize the impact of the "SALT Torpedo" high income earners should analyze the attractiveness of deferred income plans, pre-tax 401(k) contributions over Roth 401(k) contributions, and charitable bunching of donations.
Bonus depreciation is back! Our article touches on the OBBBA restoration of bonus depreciation, what qualifies, and how investors can use it to save on taxes and improve cash flow.
Some of the largest changes to the tax code made by the One Big Beautiful Bill Act applied to itemized deductions for tax filers.
One of the most common questions we get about the OBBB is "How will this affect the tax brackets and standard deduction?"
A look at how the 2022 year-end Omnibus bill affects your taxes and retirement.