Business Tax Planning & Counseling
For businesses, we assess corporate structures and transactions for their tax implications, provide legal opinions on specific tax questions, and evaluate tax compliance. Two areas we track especially closely:Pass-through entity (PTE) credits. If you receive a K-1 from a partnership, LLC, or S-corp, many states now let the entity pay state tax at the entity level, a workaround to the $10,000 federal cap on state and local tax (SALT) deductions for individuals. Done correctly, this can meaningfully reduce your federal tax bill. Done without checking the state K-1 form, it can result in double taxation. This is state-specific and easy to get wrong without someone watching for it.The current SALT cap and other 2025 law changes. The 2025 tax law (commonly called the OBBBA) raised the SALT cap itself from $10,000 to $40,000 for income under $500,000, phasing back down to $10,000 at $600,000 and above. It also increased standard deductions, raised the child tax credit, and created new deductions for car loan interest and tips and overtime income, each with its own income limits. We stay current on changes like these so your planning reflects the law as it actually stands today, not last year’s rules.
