EP 53: Live In A State With Income Tax? Check Out This Work-Around!

October 27, 2021

By

Scott Wisniewski, EA

As you may or may not be aware, there is a $10,000 cap on certain deductions on your tax return. This really impacts those living in states with income tax as well as homeowners. But more and more states are releasing legislation that provides a workaround for this cap. The issue, at least for 2021, is action needs to be taken before year-end to make this happen. But the reward is potentially a tremendous amount of tax savings.

In this episode, we break down what the cap pertains to and how you can go about getting tax savings you’re entitled to.

Topics Discussed:

A work-around method that can save you a lot of money.
Which states have passed a work-around for state income taxes.
The benefits of taking advantage of the available work-arounds.
How this works as an S-Corp.
How Biden’s tax plan may impact your taxes.
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Resources Mentioned:

ERdocadvisor.com

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Tags

planning, financial planning, ER doctor, doctors, tax, savings, deductions, legislation

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EP 184: Did You File an Extension for Your Income Taxes?

by

Scott Wisniewski, EA