When it comes to income taxes, many people assume that saving means spending more money on eligible deductions. While certain expenses can be deductible, tax planning is much more than just blindly spending more money to save in income tax. Smart tax planning involves restructuring your finances, optimizing deductions, and making strategic decisions that can save you significant money without necessarily requiring excessive spending.
tax deductions
The Pass-Through Entity (“PTE”) Election: Is It Right for Your Small Business?
The PTE election can be a valuable tool in helping small businesses deduct more of their state income tax payments. Determining if the PTE election is viable for your small business depends on many factors that aren’t able to be covered here.