Understanding Tax Deductions: Itemized vs. Standard Deduction

There’s been a lot of confusion around the car loan interest deduction, so let’s clear it up 👇 The car must be new, personally used, under 14,000 lbs, financed (not leased) through a qualified lender, and final assembly must have occurred in the USA and yes, even dealer cars with prior mileage don’t qualify. If your vehicle checks all the boxes and was purchased between January 1, 2025 and December 31, 2028, this deduction can be taken in addition to your standard or itemized deduction. Be sure

There’s a major tax update homeowners need to know about. Starting with the 2025 tax year (the returns you file in 2026), the IRS increased the state and local tax (SALT) deduction cap from $10,000 to $40,000. The SALT deduction includes: • Property taxes paid on your home • State income taxes • Certain local or city income taxes For many homeowners, especially those in higher-tax states, this change can significantly impact their tax picture. When combined with other itemized deductions like mo

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Standard Deduction vs. Itemized

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