The State and Local Tax (SALT for short) deduction cap has frustrated business owners and high-income earners since 2018. But there is a legal and IRS-respected strategy that can help reclaim lost deductions: the Pass-Through Entity (PTE) tax election.

Originally introduced by states in response to the federal Tax Cuts and Jobs Act of 2017, the PTE election allows qualified businesses to shift state income tax from the individual level to the entity level—restoring deductibility and reducing federal taxable income.

Today, we’re diving into how  we generally avoid tax surprises. We’re talking about a SIMPLE, but SMART strategy that can save you money and help you avoid penalties and surprises.

Taking shares for your fee is an excellent way to create upside for your consulting work, but make sure you are being smart about the transaction.

Choosing the right business entity is an  important decision for any entrepreneur. It can influence everything from liability protection to taxation and growth potential. Many business owners start their journey informally, often as sole proprietors or default partnerships, but, as the business grows, seeking expert advice to establish a formal entity becomes essential to protect assets and optimize operations.

When it comes to maximizing tax savings for your business, understanding and leveraging accelerated depreciation can be a game-changer. This tax strategy allows businesses to deduct the cost of certain assets quickly, offering opportunities to unlock financial freedom and invest more in growth.