Understanding Tax Deductions: Itemized vs. Standard Deduction

this is something you can’t ignore for 2025. The SALT deduction cap increased to $40,000, which means many homeowners may benefit more from itemizing instead of taking the standard deduction. Your mortgage interest, property taxes, and state income taxes could help you qualify for a bigger tax refund 💰 ⚠️ This is not tax advice — always consult with a tax professional. 📲 Save this video, share it with a homeowner, and follow for more tax tips. #TaxTips #Homeowners #MortgageInterest #SALTdeduct

🎰 New 2026 Gambling Tax Rule The tax rules for gambling have officially changed in 2026! The IRS now caps gambling loss deductions at 90%. Even if you break even, you’ll likely owe taxes on 10% of your winnings. Details: • This applies to those who itemize their deductions on Schedule A. • If you take the standard deduction, you cannot deduct losses. • Experts are calling this “Phantom Income” (taxing money you didn’t actually keep). Link in bio for more updated tax tips! — #taxlaw2026 #gamblin

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