THE REVERE ADVOCATE – WEDNESDAY, NOVEMBER 26, 2025 Page 19 COOKING | FROM Page 8 2025 YEAR END TAX PLANNING The State And Local Tax (SALT) deduction is now up to $40,000 for 2025. This would include real estate taxes, excise taxes and state income taxes. This is a substantial increase over the $10,000 limit placed into law by the Tax Cuts and Jobs Act of 2017. These deductions are claimed on Schedule A. Many more people will be itemizing their deductions in 2025 as a result, as the total of itemized deductions for many taxpayers will now exceed the standard deduction. Mortgage interest and charitable contributions are also itemized deductions. Nonitemizers can also claim a $1,000 charitable contribution ($2,000 for a joint return) beginning in 2026. Although this does not help you on your 2025 1040, it is good to keep in the back of your mind. Cash charitable contributions are limited to 60% of your adjusted gross income. Excess contributions can be carried over fi ve years. There is also the new $6,000 deduction for taxpayers age 65 or older. For a joint return, the number is $12,000. This deduction was placed into law in order to help off set taxable social security income. There is also a new write-off for up to $12,500 of overtime pay, up to $25,000 in tip income not having to be reported, and a write-off for up to $10,000 of interest on a car loan used to purchase a new car only. These deductions are subject to modifi ed adjusted gross income limitations (MAGI). The $6,000 deduction for taxpayers age 65 or older begins to be phased out with MAGI of $75,000 for single taxpayers and $150,000 for joint fi lers, and is completely phased out with MAGI of $175,000 for single taxpayers and $250,000 for joint filers. The right to exclude $25,000 of tip income begins to be phased out with MAGI of $150,000 for single taxpayers and $300,000 for joint fi lers, and is completely phased out with MAGI of $200,000 for single taxpayers and $400,000 for joint fi lers. The right to take a deduction of $12,500 to offset your overtime pay begins to be phased out with MAGI of $150,000 for single taxpayers and $300,000 for joint fi lers, and is completely phased out with MAGI of $200,000 for single taxpayers and $400,000 for joint fi lers. Two energy-effi cient home improvement tax credits end after this year. The energy-effi cient home improvement tax credit is for homeowners be placed away from table and counter edges. In addition, NFPA strongly discourages the use of turkey fryers that use cooking oil, which can cause devastating burns. For a safe alternative, NFPA recommends purchasing a fried turkey from a grocery store or restaurant or buying a fryer that does not use oil. For this release and other announcements about NFPA initiatives, research and resources, please visit the NFPA press room. About the National Fire Protection who install heat pumps, new doors, new windows, new boilers, new central air conditioning systems, etc. The 30% residential clean-energy tax credit is for homeowners that install solar panels, for example. Neither credit will be available starting in 2026. In order to claim either of these two tax credits, the installation and payment must be on or before 12-31-25. Joseph D. Cataldo is an Estate Planning/Elder Law Attorney, Certifi ed Public Accountant, Certifi ed Financial Planner, AICPA Personal Financial Specialist and holds a Master’s Degree in Taxation. REAL ESTATE TRANSACTIONS BUYER1 Al-Mohammadi, Abdelhadi Anosier, Guirlene C Bowden, Brooke Chan, Michael D Figueroa, Joel A Gonzalez, Stiven U Guante, Adriana T Justilien, Florvil Keith, Lee Laze, Gezim Montalto, Mark Montano, Nurl E Ramsingh, Ryan Renderos, Raul A Vivas, Yanira Woldmedhin, Mesfi n M BUYER2 Tridou, Saida Adolphe, Ronald Figueroa, Elmer Bondarek, John M Guante, Aneudy R Alimadhi, Dorina SELLER1 Kristin M Vita 2025 RET Pradhan, Binita Caldwell Equity Group LLC Zepaj Development LLC Larosa Ft Burkett, Ryan A Bartha, Eszter Caldwell Equity Group LLC Gallego, Juan P Catalano, Patrick 133 Salem Development LLC Mullen, Deborah J Sola, Juan E Harrington, Shawna J Martinez, Maria I Concilio, Sharon Quarantello Jr, Joseph W Villanueva, Juan Faucher, Laura J Quarantello, Andrea F Rossetti, Teresa A Rodriguez, Felicia SELLER2 Vita, Kristin M Paneru, Siraj ADDRESS 505 Revere Beach Blvd #104 459 Malden St 14 Mill St #4 8 Revere St #5 528 Proctor Ave 33 Mountain Ave 33 Ellerton St #3 74 Winthrop Ave 133 Salem St #205 50 Bay Rd 25 Cheever St 295 Sargent St 23 Essex St 81 Hutchinson St Association® (NFPA®) Founded in 1896, NFPA® is a global self-funded nonprofi t organization devoted to eliminating death, injury, property, and economic loss due to fi re, electrical, and related hazards. The association delivers information and knowledge through more than 300 consensus codes and standards, research, training, education, outreach, and advocacy; and by partnering with others who share an interest in furthering the NFPA mission. For more information, visit nfpa. org. All NFPA codes and standards can be viewed online for free at nfpa.org/freeaccess. Revere Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com DATE PRICE 10.28.25 355000 10.31.25 855000 10.24.25 410000 10.29.25 679000 10.31.25 925000 10.30.25 625000 10.31.25 470000 585 Revere Beach Pkwy #410 10.31.25 337500 350 Revere Beach Blvd #9T 10.24.25 320000 10.31.25 1100000 10.24.25 250000 10.30.25 595000 10.24.25 825000 10.29.25 990000 10.29.25 870000 10.29.25 845000
20 Publizr Home