New & Enhanced Deductions
a) Expanded SALT DeductionThe limit on the State and Local Tax (SALT) deduction has temporarily increased to: • $40,000 for most filers ($20,000 if married filing separately), up from $10,000…
Standard Deductions
For the 2025 tax year, the standard deduction amounts had significantly increased: • $15,750 – Single filers and Married Filing Separately- Increased to $16,100 for tax year 2026.• $31,500 –…
Organizing Your Tax Records
1. Organize Your Tax Records FirstBefore you file, gather all key documents:• W-2s from employers• 1099s (1099-NEC, 1099-MISC, 1099-INT, 1099-DIV, 1099-DA for digital assets)• Records of unemployment compensation, retirement distributions,…