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Showing posts with the label s corporation tax

Beating the August Heat: Prepping the Fall & Winter Greenhouse

August in Alabama is notoriously hot, but if you want a thriving fall and winter harvest, right now is exactly when you need to start getting your hands dirty. Having a greenhouse is a huge advantage for extending the growing season, so I am rolling up my sleeves this weekend to get the fall crop preparation underway. Here is a look at what is going into the dirt this weekend, what is on the schedule for later this fall, and the long game for spring. 🌱 What I’m Planting This Weekend The planting window is perfectly timed right now, so these are the priority seeds going into the setup: Baby Broccoli: I just picked up these seeds, and they are going straight into the dirt! The window for broccoli closes by mid-August, and it is well-suited for direct seeding into the soil rather than using transplants. Spinach: The window also closes by mid-August. Because spinach has shallow roots, these seeds are going straight into the vertical stackable planters. Leaf Lettuce: Perfect for plantin...

Should You Elect PTET for Your S-Corp?

💡 Should You Elect PTET for Your S-Corp? Pass-Through Entity Tax (PTET) is a strategic state-level workaround to bypass the $10,000 SALT deduction cap on your federal return. It lets your S-Corp pay state income tax at the entity level , turning a limited personal deduction into a full business expense. Here's how to evaluate if it’s right for you: ✅ Step-by-Step PTET Decision Checklist ❓ Question ✔️ Consider This Does your state allow PTET? Over 30 states offer PTET elections—check your state rules. Do you owe significant state income taxes? PTET is most valuable if your state tax exceeds $10,000. Are all shareholders residents of the state? Nonresident shareholders may disqualify or complicate election. Does your business qualify (not SSTB)? Some states or new laws may exclude service-based entities. Are you set up for entity-level payments? You must file, pay, and record PTET correctly through the S-Corp. Are you ready to track PTET credits? Owners receive credits o...