The states created a workaround for the $10,000 SALT Cap which allows many business owners to take a tax deduction for the state income taxes that they pay over and above the $10,000 SALT cap limit. NY created a program call PTET where the company pays the state income tax on behalf of the business owner which is a backdoor way to capture the federal tax deduction for state income taxes paid over the $10K SALT cap.

Here is the long-form version of the video which provides more details on how these state programs work:

PTET Video: https://youtu.be/sYSdB8MjnzY

#ptet #greenbushfinancial