Higher SALT cap could mean bigger tax breaks for certain Capital Region filers
“It’s great to see taxpayers getting a benefit from the state taxes they’re paying,” Mallette said. The enhanced deduction for seniors, no tax on overtime and no tax on tips have all been benefiting taxpayers who haven’t hit the income phaseout limits. Every little bit counts with the prices of everything skyrocketing.”
Mallette said taxpayers can also think ahead to next year while making plans for large purchases this year.
“I think next year taxpayers will be able to plan ahead and take better advantage of some of these new deductions — like the auto loan interest deduction and spring for a new car instead of a used one so they’re eligible for that benefit.”