OB3 Act Explained: The SALT Deduction Update

In this episode of 'Connecting the Dollars,' hosts Amanda Vaught, MA, JD, and Emily Agosto, CPA, delve into the impact of the recent 'One Big Beautiful Bill Act' (OB3) on SALT (State and Local Tax) deductions. They discuss the significant increase in the SALT cap deduction for 2025, which rises to $40,000 before phasing out between $500,000 and $600,000 of MAGI for married joint filers. They also highlight how the temporary nature of these changes could affect tax planning and the misunderstandings around tax code benefits for different income levels. Tune in for crucial insights and tips on navigating these new tax provisions.