Some states now offer certain business owners a workaround for cap on state and local tax deduction

some states now offer certain business owners a workaround for cap on state and local tax deduction

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.

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