Gary at The Tax Place

Gary at The Tax Place Professional Tax Preparation & Planning for Individuals, Homeowners, and Self-Employed

📊 2025 Tax Update -- SALT Deduction Cap IncreasedStarting with the 2025 tax year (returns filed in 2026), the state and ...
03/04/2026

📊 2025 Tax Update -- SALT Deduction Cap Increased

Starting with the 2025 tax year (returns filed in 2026), the state and local tax (SALT) deduction cap for itemizers increases from $10,000 to $40,000 ($20,000 if married filing separately). This change can help many homeowners in high-tax states deduct more of their property and income taxes if they itemize.

If you’d like help determining whether itemizing makes sense for your 2025 return, feel free to send a message or drop your question in the comments.

❌ Myth: Getting a refund means you paid less in taxes.✅ Fact: A refund usually means you overpaid throughout the year.Fo...
03/02/2026

❌ Myth: Getting a refund means you paid less in taxes.
✅ Fact: A refund usually means you overpaid throughout the year.

For many taxpayers, adjusting withholding can improve monthly cash flow without changing total tax owed.

⏰ Reminder: Tax deadlines are approaching! Filing early helps prevent identity theft, ensures accurate filing, and gets ...
03/01/2026

⏰ Reminder: Tax deadlines are approaching! Filing early helps prevent identity theft, ensures accurate filing, and gets your refund faster.

📊 Did you know? Tax planning is different from tax preparation. Preparation reports past activity, planning reduces futu...
02/28/2026

📊 Did you know? Tax planning is different from tax preparation. Preparation reports past activity, planning reduces future liability. Strategic planning can save thousands over time.

🏠 Real Estate Investors: Don’t forget depreciation! Depreciation can help reduce your taxable rental income. Track impro...
02/27/2026

🏠 Real Estate Investors: Don’t forget depreciation! Depreciation can help reduce your taxable rental income. Track improvements and property details each year to make the most of this deduction.

❌ Myth: Filing an extension gives you more time to pay taxes.✅ Fact: Extensions give you more time to file, not to pay. ...
02/26/2026

❌ Myth: Filing an extension gives you more time to pay taxes.
✅ Fact: Extensions give you more time to file, not to pay.

Taxes owed are still due by the deadline. Avoid penalties by planning ahead!

💡 Tax Tip: If you’re self-employed, keep track of all business-related expenses like software subscriptions, mileage, an...
02/25/2026

💡 Tax Tip: If you’re self-employed, keep track of all business-related expenses like software subscriptions, mileage, and office supplies. These can be deducted and lower your tax liability. Message me if you want a quick checklist!

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