Month: January 2023
How To Cut Your Tax Bill by Navigating the Cap on SALT Deductions (Ep. 68)

How To Cut Your Tax Bill by Navigating the Cap on SALT Deductions (Ep. 68)

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In 2017, the state and local tax (SALT) deduction was capped. This severely impacted the taxes for many people, especially the high-income earners in high-income-tax states.

In this episode, Roby Kotcamp and Derek Myron talk about the provisions that many states are offering, including California, to help taxpayers minimize the impact of the SALT deduction limit.

Roby and Derek discuss:

  • The evolution of SALT deductions — and the latest changes expected to stay until 2026
  • What type of business owners can benefit most from the deduction
  • Key deadlines you should be aware of to take advantage of the deduction in 2023
  • How Centura works closely with CPAs to help clients navigate the SALT deduction
  • And more

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Section 1202: How Business Owners Can Save Millions of Dollars in Taxes (Ep. 67)

Section 1202: How Business Owners Can Save Millions of Dollars in Taxes (Ep. 67)

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Section 1202 of the IRS code can potentially save eligible business owners millions of dollars in taxes. However, it is an underutilized section as few business owners know how to successfully implement this strategy.

In this episode, Roby Kotcamp and Kyle Malmstrom explain what Section 1202 entails, the primary eligibility criteria for QSBS (qualified small business stock) transactions, and the major tax benefits involved in the process.

Roby and Kyle discuss:

  • Three types of business owners that can benefit most from QSBS transactions
  • Important dates that affect the extent of your tax exemption
  • How to minimize your federal and state income tax as well as your estate tax
  • Why you should plan at least a year in advance for QSBS transactions
  • And more

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