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New Tax Credit for Many Shop Owners – P.T.E.T
It’s called the Pass-Through Entity Tax – or similar depending on the state. Remember when Trump changed the tax deduction for state taxes so it maxed out at $10K? PTET allows many people to essentially restore that deduction. The explanation is long, so ask an up-to-speed accountant if it applies to you. Right now it is in quite a few states, but not all. This can often be thousands of dollars in your pocket. 🙂
https://us.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/56175896-pte-map.pdf
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The Pass-Through Entity Tax, also known as the pass-through deduction or qualified business income deduction, is a provision of the Tax Cuts and Jobs Act of 2017 that allows certain business owners to claim a deduction on their personal income tax returns for a portion of the income they earn from their businesses. This deduction can reduce the amount of tax that these business owners owe and potentially result in significant tax savings.
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