If you’re making over $500,000 and live in a state with income tax, this strategy could save you thousands — but it must be done before December 31st.
It’s called the SALT Workaround — short for State and Local Tax deduction.
Normally, you can only deduct up to $10,000 of state and local taxes on your 1040. However, about half of U.S. states now allow your S corporation to pay those state taxes directly — letting you deduct them at the business level instead.
This is a powerful year-end move for high earners. Check with your accountant now to see if your state allows it and make sure it’s done before year-end.
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