Tax Warrior Chronicles

NJ Enacts New SALT Workaround with Entity-Level Tax Election

Posted on Thu, Jan 30, 2020

By: Dan Marques, CPA, MT

 

If at first you don’t succeed, try again.  That appears to be the moto of the NJ Legislature after passing the Pass-Through Business Alternative Income Tax Act (the Act), signed into law by Governor Murphy on January 13, 2020. This is the state’s second attempt to circumvent the $10,000 federal cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act (TCJA).

 

A trip down memory lane

Some may recall NJ’s first attempt to address the SALT cap in May 2018, which called for towns, counties and school districts to set up charitable funds for taxpayers to make contributions in exchange for property tax credits. Under this program, individuals

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Tax Warrior Vlog - Are You a Tax-Savvy Entrepreneur?

Posted on Mon, Aug 26, 2019

Anyone can be an entrepreneur, but being a tax-savvy entrepreneur can put you on the road to success! Today, Keisha Price talks about a few things you can focus on to ensure your business taxes are under control.

 

 

 

 

 

LMP - Tax Savvy Entrepreneur
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