The PTET (pass-through entity tax) is a deduction that allows business owners to get around the $10,000 SALT cap that was put in place back in 2017. The PTET allows the business entity to pay the state tax liability on behalf of the business owner and then take a deduction for that expense. This special tax deduction can save a business owner thousands of dollars in taxes. Currently, 31 states, including New York, have some form of PTET program. In this video, Dave Wojeski & Michael Ruger will cover:
• How the PTET deduction works?
• Which type of entities are eligible for the PTET deduction
• Deadlines for electing into the PTET program
• How the estimated tax payments are calculated and the deadlines for remitting them
• Changes to the PTET S-corp rules in 2022
• The new NYC PTET program available in 2023
• The challenges faced by companies that have multiple owners that are residents of different states
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
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Additional Disclosure: Wojeski & Company, American Portfolios and Greenbush Financial Group LLC are unaffiliated entities. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.
6 авг 2024
