Individuals are limited to deducting $10,000 ($5,000 for married filing separate) of state and local taxes (SALT) on their Federal income tax. Generally, income earned by pass-through entities (PTE) ...
Prior to passage of the Tax Cuts and Jobs Act (TCJA) at the end of 2017, individuals could deduct the full amount of their state and local taxes (SALT) on their federal income tax returns. TJCA ...
On June 14, 2022, Ohio Governor Mike DeWine signed Senate Bill 246 (SB 246) into law. This enactment allows businesses structured as PTE’s (such as partnerships, LLC’s and S Corporations) to elect to ...
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