The Tax Cuts and Jobs Act limited the State and Local Tax (SALT) deduction to $10,000. This means our clients who pay significant amounts of property taxes and state income taxes do not get the benefit of the SALT taxes that they do pay. However, if your client is a shareholder in an S-corporation, partner in a partnership, or member of a Limited Liability Company (LLC), they may be able to take advantage of the Pass Through Entity Tax (PTE) Credit and Deduction. In this webinar, we reviewed the qualifications, mechanics, and planning opportunities with this workaround the SALT Limitation.
11.28.2023 - SALT Cap
How Clients can Navigate the SALT Cap
Presented by Larry Pon, CPA,