Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
OBBBA §70120: federal SALT cap $40,000 for 2025 ($40,400 for 2026), with 30% MAGI phasedown to a $10,000 floor; reverts in 2030. Still requires itemizing. NC mortgage interest + real estate tax remain combined-capped at $20,000 (NCDOR Q16).
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Even with a ~$40,000 federal SALT cap, North Carolina’s Taxed PTE election (S corps / partnerships) and California’s 9.3% PTE tax can still ease individual SALT pressure via entity-level state tax and federal entity deduction. Elect on a timely return—once filed, the NC election cannot be changed. Cary/RTP owners: model before you file.
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Articles are general information, not tax or legal advice for your specific situation.
