May 2021

NYS Pass-Through Entity Tax Can Provide A SALT Limitation Workaround

As anyone who lives in New York State and pays income taxes knows, for tax years beginning after 2017, Taxpayers were limited to a deduction of $10,000 itemized state and local tax on their federal income tax returns.  Known as a “SALT” deduction, the $10,000 limitation adversely affected individuals in high tax states such as…

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