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New York Business Owners Sidestep Billions in Federal Taxes With State’s Help
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wsj.comNew York business owners are saving billions of dollars in taxes by using a state-approved system for sidestepping the $10,000 federal cap on state and local tax deductions.
Owners of closely held businesses paid the state $11 billion in pass-through entity taxes by the end of 2021, according to the state’s Department of Tax and Finance. Pass-through businesses usually don’t pay income taxes directly but pass income and deductions through to their owners’ individual returns.
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