Story perspectives

New Tax Bill Boosts SALT Deduction, Aids Small Businesses

11/2/2025

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Summary

Story summary

The One Big Beautiful Bill, passed in July 2025, raises the SALT deduction cap to $40,000.
The bill creates overtime deductions and a 20% qualified business income deduction for small businesses.
High earners may see reduced benefits once their adjusted gross income exceeds $500,000.
Young professionals and small-business owners are expected to benefit the most.
Taxpayers should consult professionals to navigate these changes and maximize savings before tax time.

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Story summary

The One Big Beautiful Bill, passed in July 2025, raises the SALT deduction cap to $40,000.
The bill creates overtime deductions and a 20% qualified business income deduction for small businesses.
High earners may see reduced benefits once their adjusted gross income exceeds $500,000.
Young professionals and small-business owners are expected to benefit the most.
Taxpayers should consult professionals to navigate these changes and maximize savings before tax time.