Less taxing: Thought Leadership from N&Co

Big Changes Ahead: What the OBBBA Means for Your Itemized Deductions

Big Changes Ahead: What the OBBBA Means for Your Itemized Deductions

The OBBBA introduces major tax changes, some starting in 2025, including elimination of the Pease limitation, increased SALT deduction caps to $40,000 through 2029, new charitable contribution floors, and temporary deductions for tips, overtime pay, and car loan interest. These complex changes require careful tax planning analysis.

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About Nichols & Company CPAs

Our firm, based in Westerville, Ohio, has been providing vital accounting and tax services to individuals and small businesses for more than 30 years.
Cultivated through our tradition of service, technical expertise, and innovative thinking, our BizForward program has been developed to assist small and medium-sized business owners in both strengthening and growing their businesses, from inception through retirement.