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Month: November 2020

Entity Level Tax is a Valid Workaround on the $10,000 SALT Limitation

November 13, 2020 by Colleen Netzell
Copeland Buhl
The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations).   For federal purposes, a PTE’s income is taxed on the individual income tax return and...
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