Keep pulling the thread on Bill Artseronian.
A recent tax bill, referred to by the speaker as "Trump 2.0's tax bill," increased the federal cap on State and Local Tax (SALT) deductions from $10,000 to $40,000.
A new tax provision taking effect next year will establish a floor on charitable gifts, making the first 0.5% of a taxpayer's Adjusted Gross Income (AGI) non-deductible.
A forthcoming tax change will limit the value of itemized deductions for taxpayers in the 37% bracket, effectively treating their deductions as if they were in the 35% bracket.
Ritholtz Wealth Management advises clients to defer capital gains from the fourth quarter of one year to the first quarter of the next to allow a full 12 months for tax-loss harvesting to offset those gains.
The Qualified Business Income (QBI) deduction provides a 20% deduction for pass-through income, but this benefit can be significantly reduced or eliminated if wage payment thresholds are not met.
Starting in 2026, catch-up contributions to retirement accounts for individuals over age 50 will be required to be made on a Roth (after-tax) basis.
The state of New Jersey does not allow for tax-loss carryforwards on state income tax returns.
Due to New Jersey's tax law disallowing loss carryforwards, Ritholtz Wealth Management employs a "gains harvest" strategy for its New Jersey clients to utilize realized losses within the same tax year.
The new $40,000 federal cap on State and Local Tax (SALT) deductions is subject to a phase-out for both single and married filers with total incomes exceeding $500,000.
Under the new tax law, the increased federal SALT deduction is completely phased out, reverting to the previous $10,000 cap, for filers with a total income of $600,000 or more.