Here are the important changes that affect your 2025 taxes and beyond: Increase in Deductibility for State / Local Taxes What changes: Before 2025, state, real estate, and excise taxes combined were only deductible up to $10,000 in aggregate. That limit is now $40,000. Further Restrictions: N/A Income Limit: Yes, if your income is greater than $500,000, the excess deduction is phased down. Increased Standard Deduction for Senior Citizens What changes: There is an additional deduction of up to $6,000 for each person who is over 65 by year-end. Further Restrictions: N/A Income Limit: Yes, if your income …
Post Archive by Month
Below you'll find a list of all posts from January, 2026