165 \\ State Tax Loophole: How Business Owners Can Slash Taxes with PTET
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 16 Dec 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/165-state-tax-loophole-every-entrepreneur-needs-to-know-about/
If you run a business in a state with income tax, this episode shows you how to legally lower your taxes using the pass-through entity tax (PTET). Learn how this state-level tax strategy lets you deduct state and local taxes directly on your business return instead of losing the benefit under the $10,000 SALT cap. We break down how PTET works, which states allow it, what types of income qualify, and why it can mean thousands in tax savings for entrepreneurs. You’ll also hear about compliance rules, deadlines, and why talking to your CPA now is key before 2025 tax law changes. This episode is packed with smart strategies for tax reduction, tax planning, and business finance.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
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