Bradley attorney Bruce Ely was quoted in Financial Planning on SALT cap workarounds that can actually leave taxpayers owing more tax. Some workarounds provide legal ways for business owners to sidestep the $10,000 cap on state and local tax deductions and preserve the full amounts, including property taxes. However, this can also trigger more tax bills.
"There are instances in which using a workaround isn't worth it," said Ely. "You have to model this thing carefully."
The original article, "Avoiding the SALT Cap Might Actually Spark a Larger Tax Bill," appeared in Financial Planning on February 16, 2021.