What changed: The law temporarily increases the SALT deduction cap to $40,000 (from $10,000), but it phases out for higher incomes and can disappear at the top end.
Why your clients care: This is the headline issue for high-tax states like CA. It can swing the itemize vs. standard deduction decision and change quarterly estimates.
Action: We run “itemize vs standard” scenarios + manage MAGI where it affects eligibility/phaseouts.

What changed: The federal estate/gift (and GST) exclusion rises to $15,000,000 per person in 2026, and the IRS describes this as a statutory increase tied to the new law.
Why your clients care: Families with concentrated assets, real estate, or business equity now have a clearer planning baseline—but the best strategies still depend on timing, valuations, and trust structure.
Action: Review wills/trusts, gifting strategy, SLAT/IDGT-type planning (as appropriate), and liquidity planning for tax payments.

What changed: The IRS published updated standard deduction amounts and 2026 marginal-rate thresholds under the new law (e.g., MFJ standard deduction $32,200 for 2026; top bracket thresholds also updated).
Why your clients care: Even when you itemize, bracket thresholds drive the “when” decisions: bonus timing, equity exercises, Roth conversions, and capital gains harvesting.
Action: Use projections (not last year’s return) to time income and deductions.

What to know: The Tax Foundation summarizes the law as extending and making permanent the Section 199A pass-through deduction (the 20% QBI deduction), which is central for many S-corp/partnership owners.
Why your clients care: This can materially change effective tax rates for owners—and it interacts with wages, RE investor status, and entity structure.
Action: Re-check reasonable comp (S-corps), entity choice, and income planning to maximize QBI eligibility where applicable.

What changed: The IRS FAQ notes 163(j) limits business interest deductions generally to business interest income + 30% of ATI + floor plan interest, with new-law amendments affecting how ATI is calculated (including add-backs returning for certain items starting in 2025).
Why your clients care: Real estate, leveraged operating businesses, and acquisition financing can get hit here—this is one of the most common “surprise” limitations.
Action: Model financing + entity elections (including real property trade/business elections where relevant) before year-end.

What changed: The IRS explains a 100% first-year deduction for many qualifying business property purchases put in service after a specified 2025 date, with guidance pointing to updated §168(k) rules.
Why your clients care: This is a huge lever for business owners (and some real estate activities) when timed correctly—especially if you’re trying to offset a high-income year.
Action: Coordinate purchase/placed-in-service dates + entity strategy + projected income (don’t guess).