#ItemizedDeductions Archives | Hutchinson and Bloodgood LLP

Tax Planning

Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

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February 18, 2026

An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state […]

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Tax Planning

When medical expenses are — and aren’t — tax deductible

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January 14, 2026

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If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the […]

#ItemizedDeductions, #MedicalExpenseDeduction, #TaxPlanning

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Tax Planning

New itemized deduction limitation will affect high-income individuals next year

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November 21, 2025

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Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of […]

#ItemizedDeductions, #TaxPlanning, #TaxUpdate2026

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