High-income business owners face a unique challenge: their personal and business finances are deeply intertwined, and taxes often feel like the single largest expense both personally and for the business. While most people think of tax savings in terms of deductions, business owners have opportunities to spend pre-tax dollars by structuring expenses through their entities…. [keep reading…]
Tag: Pass Through Entity Tax
NYS Pass Through Entity Tax Program
The New York State’s Pass Through Entity Tax (PTET) program allows eligible partnerships and S corporations to pay tax at the entity level to provide tax deductions that may otherwise be disallowed when the income is reported on the partners’/shareholders’ personal returns. The program allows the partners/shareholders the ability to deduct New York State taxes… [keep reading…]
Tax Planning for Businesses
With tax year 2021 coming to a close, we need to consider what can be done to help lower your tax bill for this year and next. With the uncertainty of pending legislation, here are some tax planning ideas for Businesses. Review your accounting method Businesses typically use either an accrual method of accounting or… [keep reading…]