Hi!
Although we are still a small firm, due to many of our clients working remotely, we now have clients in all 50 states. Through this, we noticed a major opportunity for tax deductions/strategy for those that happen to live in states that have state income tax. If you live in TX, WA, FL, etc., you can skip this newsletter.
However, for those that live in states with income tax, such as California, New York, Illinois, Maryland, Virginia, Massachusetts, etc., this is very important.
The 2018 tax changes limited federal deductions for state & local taxes to only 10k. If you own a business (s-corp or partnership, which includes Multi-Member LLCs), and live in certain states, we can bypass the 10k cap on state tax for you.
The basic concept is as follows:
Please feel free to contact us below if you have questions or are interested in having us implement this for you.
Call us today at (866) 681-2140, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
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