2 One of President Donald
Trump’s campaign promises was to remove the state and local tax (SALT) deduction cap. This would’ve reversed his 2017 tax policy, which limited the SALT deduction to $10,000. Because of pushback
from Congress, Trump wasn’t able to accomplish that aim, but the SALT deduction has at least been increased for the next few years, to $40,000 for 2025 and $40,400 for 2026. After 2026, it will gradually revert to $10,000 by 2030.
THE DOWNLOAD MONEY MATTERS
ONLINE TARIFF ALERT If you’ve ordered a product online from
4
There’s also a new charitable contribution deduction for non-itemizers of $1,000 (single) or $2,000 (married), applicable from 2026. These provisions are also temporary, only applying to tax years 2025 to 2028. Itemizers, unfortunately,
lose some of the charitable contribution deductibility they used to have. Starting in 2026, those
who itemize will only be able to deduct charitable contributions that exceed 0.5% of their adjusted gross income. So, if your income is $200,000, you
can only deduct charitable contributions of more than $1,000 beginning in 2026. A new tax credit of up
to $1,700 for donations to scholarship-granting organizations also begins in 2027, offering an incentive for those supporting K-12 education initiatives.
overseas lately, you may already know that tariffs have increased some prices. That’s because in August, President Donald Trump eliminated the de minimis rule, which let packages valued under $800 slip through tariff-free. Now, these purchases are subject to tariffs, and the amount will depend on where the item comes from, what the item is, how much it costs, and which provider is used to ship it. When you order a foreign product, ensure the seller is paying the tariffs (look for “delivery duty paid”). Otherwise, carriers such as FedEx or UPS might ask you to pay the tariff online or by phone before they deliver it.
GET A RAISE NOW Employers are planning to increase
salary budgets by an average of 3.4% in 2026, according to The Conference Board, which surveys companies. If you work in the leisure, hospitality, finance, or healthcare industries, you have a good shot at getting a raise. But experts say don’t wait until the new year to ask for an increase. Talk to your boss in December to ask for a pay bump, because that’s when many companies set next year’s budgets. Be prepared with a list of accomplishments and a solid percentage figure to ask for, considering the average raises in your industry.
6 The bill permanently
extends higher limits for the federal estate and lifetime gift tax exemption. It’s now $15 million per person ($30 million for married couples) starting in 2026. This makes estate planning more important than ever. “With the step-up in
basis provisions still intact, heirs can avoid capital
gains taxes on appreciated property, making now an ideal time to revisit estate plans,” Wheelwright says. The bottom line is, you’ll
want to consider strategies to reduce your tax burden for 2025 and the next few years. These include using Roth conversions in low- income years to reduce future required minimum distributions (RMDs),
bunching deductions, accelerating charitable contributions into 2025, and more. “Tax planning in
retirement is like chess, not checkers,” says Paul Miller, a CPA based in New York, Florida, and Washington, D.C. “A coordinated strategy can save you and your heirs significant amounts in taxes.”
$100K WORK VISA H-1B visas allow employers to
temporarily hire foreign workers in specialized occupations — usually in technology, engineering, or medicine — that are hard to fill with American workers. A U.S. company must sponsor the visa, which is intended to help companies fill positions that require specialized skills. Visas were granted for three years and can be extended for up to six. Now, the president has issued an executive order that will cost employers $100,000 per employee for H-1B visas, up from $215. The one-time fee went into effect Sept. 21. It doesn’t apply to current H-1B visa holders or renewals, just new petitions. The cost is expected to face legal challenges, as the tech industry relies heavily on foreign-born nationals.
DECEMBER 2025 | NEWSMAX MAXLIFE 87
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