NY PTET Tax Deduction Election Deadline in March 

Many business owners in New York may be able to take advantage of the PTET tax deduction which allows the business owner to deduct their state income taxes instead of being subject to the $10,000 SALT Cap. However, an election has to be made each year by The March deadline to be eligible for the program, so if business owners miss the deadline, they will not be able to take the PTET deduction for that tax year which could cost them thousands of dollars in taxes.
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