Sumary of Some states now offer certain business owners a workaround for cap on state and local tax deduction:
- Cecilie Arcurs | Getty ImagesA growing number of states are offering pass-through business owners a workaround for the $10,000 federal deduction limit for state and local taxes, known as SALT.
- While there has been a push to repeal the law, President Joe Biden hasn’t included the measure in his proposals.
- While the maneuver may offer tax savings for some business owners, it may not be the right move in all cases, financial experts say.
- “The devil’s in the details,” said certified financial planner Sharif Muhammad, founder and CEO of Unlimited Financial Services in Somerset, New Jersey.
- The numbers have to be laid out, and everybody has a different situation.
- Sharif MuhammadCEO of Unlimited Financial ServicesFor example, last week, Gov.