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What is the purpose of a pass-through entity?

Key Takeaways. A flow-through (pass-through) entity is a legal business entity that passes all its income on to the owners or investors of the business. Flow-through entities are a common device used to avoid double taxation on earnings.

What is the PTE rate in NJ?

This state tax is known as the pass-through business alternative income tax, or the PTE for short. The New Jersey PTE tax rate ranges from 5.675% to 10.9%, plus an additional fee for businesses with an annual net income of over $250,000.

What is the benefit of the PTE tax?

The biggest benefit is that the PTE payment is a business deduction at the entity level, thus making this state income tax payment deductible on the federal tax return.

What is the purpose of Ptet?

Overview of PTET The PTET is levied on an entity classified as a partnership or an S corporation for federal and state income tax purposes. The entity can reduce its ordinary income by the amount of the income tax paid, just as they do for payroll taxes and other state and local taxes.

Why was PTE tax created?

The pass-through entity (PTE) tax strategy is a work around to the limitation on the State and Local tax (SALT) deduction created by the Tax Cuts and Jobs Act (TCJA).

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