State and local taxes — or SALT — deduction can make a major difference in how many dollars your household owes or earns come tax season. As finance author and podcast host Suze Orman shared in a blog post, new federal law increases the federal deduction for state and local taxes to $40,000 per household from its previous $10,000 limit, which it will revert back to in 2030. Single tax filers are eligible for $40,000 and married couples filing a joint tax return are also eligible for a $40,000 deduction.
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