BFSG Blog

Financial Resources & News

Tax Savings Opportunity for Business Owners – Must Act Before March 15th

By:  Michael Allbee, CFP®, Senior Portfolio Manager We pointed out last year there was an opportunity for some Californian taxpayers to get relief for the $10,000 state and local tax (SALT) cap through 2021 - 2025. You can do this by paying some of your California taxes through a profitable pass-through business with some limits and nuances. This helps get around the $10k federal cap for state...

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Relief for the $10k SALT Cap for Californians

By:  Paul Horn, CFP®, CPWA®, Senior Financial Planner We have seen recent legislation pass in California called Assembly Bill 150 (AB 150) that will provide a way for some business owners to be able to get around the $10,000  cap on the itemized deduction of state and local taxes (SALT) on federal tax returns. Until the Tax Cuts and Jobs Act (TCJA) passed in 2018, individuals were able to deduct...

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