Join Mark and Mat as they discuss the powerful SALT workaround in 36 states. You can have unlimited deductions for state taxes for this workaround strategy and exceed the $40,000 with the workaround.
You’ll learn:
The 3 steps to see if you qualify for the SALT workaround
The 3 steps to implement it before year-end
How to navigate state-specific deadlines and forms
Why acting in 2025 is critical for 2025 tax savings
Get a comprehensive tax consultation with one of our mains street tax lawyers that can build a tax strategy plan with an affordable consultation that will leave you speechless!!
Here’s the link – https://kkoslawyers.com/services/comprehensive-bus-tax-consult/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Resources:
Get my newsletter and sign up for my weekly updates here – https://mainstreetpros.com/lp/tax-strategies-ebook/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Get the $150 summertime discount and open your IRA to invest in what you know – https://directedira.com/appointment/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Get in compliance with your current entity and get your minutes and state registration complete – https://www.mainstreetbusiness.com/contact/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Become a Certified Tax Advisor in Mark’s Program – https://mainstreetpros.com/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Get an accountant that speaks Mark J Kohler to help you implement your tax plan – https://taxadvisornetwork.markjkohler.com/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
Connect:
Website: https://markjkohler.com/?utm_source=YouTube&utm_medium=description&utm_campaign=SALT_Deduction
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00:00 – Introduction
01:35 – Step 1 of seeing if you qualify for the workaround
07:34 – Step 2: Why having an S Corporation is key
10:43 – Step 3: The 36 states that allow the strategy
11:01 – How the S Corp pays your state tax for you
14:43 – Step 1 of implementing: Make the payment from your S Corp
16:35 – Deadlines and rules for different states
18:12 – Step 2 of implementing: Filing the right forms
21:17 – What’s included and excluded in the workaround
22:01 – Step 3 of implementing: Report correctly on your return
25:32 – How this strategy can save tens of thousands in taxes
26:18 – Final thoughts and challenge to take action before year-end
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