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In 2017, the state and local tax (SALT) deduction was capped. This severely impacted the taxes for many people, especially the high-income earners in high-income-tax states.
In this episode, Roby Kotcamp and Derek Myron talk about the provisions that many states are offering, including California, to help taxpayers minimize the impact of the SALT deduction limit.
Roby and Derek discuss:
- The evolution of SALT deductions — and the latest changes expected to stay until 2026
- What type of business owners can benefit most from the deduction
- Key deadlines you should be aware of to take advantage of the deduction in 2023
- How Centura works closely with CPAs to help clients navigate the SALT deduction
- And more
Related: How Business Owners Can Save Millions of Dollars in Taxes