|Event Date||Tue Feb 22 EST (3 months ago)|
The Tax Cuts and Jobs Act (TCJA) limits the deduction on state and local income taxes paid — to $10,000 per taxpayer per year. As many small business owners spend well more than that in any given year, they are desperate for something to help avoid this tax increase.
Help may be here!
The IRS has sweetened the pot, allowing states to assist small business owners to avoid this strict limitation from the TCJA. The result is, more than 20 states have created a work-around so that pass-through entities can pay their state income taxes at the entity level, which allows small business owners to avoid the $10,000 limitation.
But there are some deadlines looming. Miss them and you miss a year of potential tax savings.
Join us for this 60-minute session and learn more about what you need to do in the next few weeks:
• Benefits of making a pass-through entity election
• How pass-through entity elections are made
• Connections to the TCJA and the proposed Build Back Better plan
• Upcoming deadlines (including a looming one March 15 in New York State)
Mary Jo Dolson
Partner, Tax & Business Services, Marcum LLP
Senior Manager, Tax & Business Services, Marcum LLP