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A pass-through entity tax (PTET) is a workaround to the state and local tax (SALT) deduction limit, enabling eligible pass-through entities to be taxed at the entity level for state income tax purposes.
How is a pass-through entity taxed?
PTE elective tax calculation The PTE elective tax is 9.3% of the entitys qualified net income, which is the sum of the pro rata or distributive share and guaranteed payments of each qualified taxpayers income subject to California personal income tax.
Does PTE reduce taxable income?
The pass-through entity (PTE) tax allows certain California pass-through entities to pay state income tax at the PTE level. In return, qualified owners can get a nonrefundable tax credit for their share of the entity level state tax, which reduces their personal income tax for California.
What is a disadvantage of a pass-through entity?
The main disadvantage of pass-through taxation is that, as an owner, you can be taxed on income you didnt receive. For example, a pass-through entity cant defer tax on profits that you plan to reinvest in the business at a later date.
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