A Local Financial Planning Option for Frankfort Families
McCabe & Associates coordinates investments, taxes, retirement, education, and estate planning for families and business owners across the Chicago suburbs. Below is one example of how that planning could help a Frankfort family.
Could the Higher SALT Deduction Change the Way You File Your Taxes?
If you own a home in Frankfort, you probably don’t need us to tell you that homeownership comes with a sizable list of expenses. Between your mortgage, property taxes, insurance, maintenance, and everything else that comes with owning a home, the dollars can add up quickly.
Why does any of that matter to your financial plan? Because a recent change to the federal State and Local Tax, or SALT, deduction may make itemizing deductions worth revisiting for some Frankfort families.
In other words, Frankfort is particularly homeowner-heavy.
Source: U.S. Census Bureau QuickFacts, Frankfort village, Illinois
Working Through the SALT Question
Here is how we would work through this question with a family, step by step.
A Bigger Deduction Doesn’t Automatically Mean You Should Itemize
For 2026, the federal SALT deduction limit is $40,400 for most married taxpayers filing jointly, although the deduction begins to phase down when modified adjusted gross income exceeds $505,000. For years, the SALT deduction was limited to $10,000.
The new rules give some taxpayers considerably more room. For 2026, the standard deduction for a married couple filing jointly is $32,200.
How much did I pay in property taxes?The usual question
When I combine my deductible state and local taxes with mortgage interest, charitable contributions, and my other itemized deductions, does itemizing now make more sense than taking the standard deduction?The better question
Consider a Hypothetical Frankfort Couple
Add the other potential deductions, and an itemizing conversation that might not have been particularly useful under the old $10,000 SALT limitation becomes worth revisiting.
The numbers will obviously be different for every family, and deduction limitations still apply. The point is not that every Frankfort homeowner should itemize.
The point is that a tax decision you made several years ago may no longer be the right decision today. Tax laws change. Your income changes. Your house changes. Your charitable giving changes. A good plan needs to change with them.
A Frankfort Couple
- Property taxes$16,000
- Illinois income taxes$12,000
- Deductible mortgage interest$10,000
- Charitable contributions$7,500
Their SALT expenses alone total $28,000.
Tax Preparation Versus Tax Planning
There is a difference between preparing your tax return and planning around your taxes.
At McCabe & Associates, we do not replace your accountant. We coordinate with them. Our advisors can review how your investment income, capital gains, charitable giving, retirement distributions, and other financial decisions are interacting with your tax return.
That philosophy is central to our Tax Planning service: investment and tax decisions need to communicate with one another rather than being handled in separate silos.
What happened last year?Tax preparation asks
What can we still do this year, and over the next several years, to improve the outcome?Tax planning asks
Areas We May Review
Itemized Deductions
Does the higher SALT limitation change the standard-versus-itemized calculation?
Tax Planning →Charitable Planning
Would bunching charitable gifts, donating appreciated securities, or another giving strategy improve your deductions?
Charitable Planning →Investment Taxes
Are capital gains and losses being coordinated with your accountant before year-end?
Tax Planning →Retirement Contributions
Are you using the appropriate pre-tax and after-tax accounts based on your current tax situation?
Retirement Planning →These examples are hypothetical only and do not represent actual people or the performance of any particular investment. This information is not intended as tax or legal advice.
Tax Planning Is One Plank of the Wealth Bridge
We support the rest of a family’s financial picture, too. Through our Plank-by-Plank Process®, we connect tax, estate, insurance, and investment decisions into one coordinated plan that grows with your family through every stage of its financial journey.
Investment Risk Management
Identify and mitigate portfolio risk through every market cycle.
DirectInvestment Research
In-depth analysis of opportunities aligned with your long-term goals.
DirectPortfolio Monitoring
A one-stop reporting system for viewing every element of your plan.
DirectEducation Planning
Tax-efficient strategies to fund education without disrupting your plan.
DirectRetirement Planning
A sustainable income strategy, including decisions about a longtime home.
DirectCharitable Planning
Maximize philanthropic impact while optimizing tax advantages.
DirectGenerational Planning
Pass on a home and a legacy with a plan the whole family understands.
DirectOrganizing Your Plan
Bring clarity and structure to your complete financial picture.
LiaisonTax Planning
Coordinated tax-smart strategy, including property tax and SALT exposure.
LiaisonCybersecurity
Protect your financial accounts from evolving digital threats.
LiaisonEstate Planning
Make sure a home, land, or other assets pass the way a family intends.
LiaisonInsurance Planning
Evaluate coverage gaps and optimize protection for your family.
Meet Our Advisors
Our History
More than four decades of planning for Chicagoland families.
From Orland Park to Mokena
Our founder, Timothy McCabe, opened an office in Orland Park in the early 1980s to serve families across the Chicagoland area. McCabe & Associates moved to Mokena in the early 2000s, and the same team today works with multiple generations of those original families throughout Illinois and beyond.
A Short Drive From Frankfort, or No Drive at All
Plan Your First Meeting
708.479.7755 · 9480 Enterprise Drive, Suite 1, Mokena, IL 60448
We also work with families nationwide by video call.
Frequently Asked Questions
Did the SALT deduction cap go away?
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No. The limitation increased substantially, but it was not eliminated. For 2026, the general limit is $40,400 for most married couples filing jointly, and it's subject to an income-based phase-down above $505,000 — up from a $10,000 cap in prior years.
Does paying high property taxes automatically mean I should itemize?
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No. Frankfort is a homeowner-heavy community — 94.8% of homes here are owner-occupied, with a median value around $481,200 — but your total eligible itemized deductions still need to be compared against your available standard deduction before itemizing makes sense.
Does McCabe prepare tax returns?
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No, our role is tax planning and coordination. We work with your tax professional so your investment and financial-planning decisions are incorporated into the larger picture. Tax preparation asks what happened last year; tax planning asks what you can still do about it.
Do I need to come to the Mokena office in person?
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No. Our office is about 10 minutes from downtown Frankfort if you'd like to meet in person, but every service we offer is also available virtually.
Is there a minimum amount of assets to work with McCabe & Associates?
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We look at the complexity of your situation more than a specific dollar figure. Most of the families we work with hold between $5 million and $25 million in assets, but the deciding factor is usually how many moving pieces — tax, estate, business, insurance — need to be coordinated.
Do you work with families outside of Frankfort proper?
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Yes. We work throughout Will County and the greater Chicago area, along with clients in 27 states who meet with us virtually. Frankfort is one of several communities where we have a concentrated client base.
Resources for Families
What Is a Virtual Family Office? A Complete Guide
How our advisors coordinate your CPA, attorney, and insurance professional into one plan, wherever you live — the model behind everything on this page.
Read the Guide
Related Reading
The Benefits of a Virtual Family Office
Why coordination matters more than any single product or account.
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