Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for 2025. The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction and itemizing to make sense.
In that case, you might benefit from accelerating more SALT expenses and other itemized deductions into 2025. Examples include qualified medical and dental expenses (to the extent that they exceed 7.5% of your adjusted gross income), home mortgage interest (generally on up to $750,000 of home mortgage debt on a principal residence and a second residence) and charitable contributions. Contact the office to discuss whether this strategy may be right for you.
