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Small business owners, do you know about the new SALT deduction?

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December 19, 2022

Small business owners, do you know about the new SALT deduction?

New for 2022, many States including GA allow owners of pass through entities like LLCs and Sub S corps to pay personal State And Local Taxes through their entity which reduces the taxable income passed through via their K1s.

This can have an economic benefit equal to your margin tax rate, however, by making the election, individual owners may also limit their ability to use credits or losses on their Georgia individual income tax. If you don’t do it for 2022, then you might want to consider planning ahead for 2023 to take advantage of this option.

*Disclosure – Please check with your CPA to see if this SALT deduction makes sense for you and your business.

Disclosure – All investment carries risk, and we cannot guarantee performance or results. Past performance does not guarantee future results. GIA does not earn any compensation from any of the non-GIA links provided in these resources. The market insights, podcast, blogs, book recommendations, self improvement thoughts, food recipes and activities are based on our perspectives and experience, and may not apply to your unique situation or be appropriate for your health and wellness. We are not aware of any conflicts of interest relating to any testimonials or endorsements. Please contact us for any questions relating to the content above, or to discuss how we can support you in your specific situation, and help you to reach your financial and personal goals.

By Tara BrucePublished On: December 28th, 2022

About the Author: Tara Bruce

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