For business owners of pass-through entities (S Corporations and Partnerships) in certain states, you are now allowed to deduct state and local income taxes at the business level, and those income tax payments will no longer be limited by the $10,000 SALT Limitation.
Previously, State and Local Income taxes for the business were a separately stated item and when they flowed down to your personal returns, the payments were limited to a $10,000 State and Local Tax Limitation. Now, State and Local Income taxes are deducted in full by the Partnership or S Corporation and that will lower the overall income number, resulting in lower taxes for you.
The current states this applies to are Connecticut, Louisiana, Maryland, New Jersey, Oklahoma, Rhode Island, and Wisconsin.
If you have a Partnership or S Corporation that pays income taxes in one of those states, contact us at CFOAndrew, so that ensure you take the necessary actions to receive these deductions.
The current states this applies to are Connecticut, Louisiana, Maryland, New Jersey, Oklahoma, Rhode Island, and Wisconsin.
If you have a Partnership or S Corporation that pays income taxes in one of those states, contact us at CFOAndrew, so that ensure you take the necessary actions to receive these deductions.
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