EP39 - How Can NY's Pass-Through Tax Save You Money? Secrets to Thousands in Deductions

If you're a creative business owner in New York with an S-Corp or partnership, you could be leaving thousands of dollars on the table every year. New York's Pass-Through Entity Tax (PTET) is a powerful but underutilized strategy that converts your state income taxes into federal deductions—but only if you understand the rules and deadlines. Miss the March 15th election deadline, and you're locked out for the entire year, no exceptions.In this episode, CPAs Anastasia and Myiesha break down exactly how New York's PTET works, who should opt in, and the critical mistakes that cost business owners real money. You'll learn what pass-through entities are, why the SALT cap created this opportunity, how to calculate and make quarterly payments, and what's changing in 2026 with new federal limitations. Whether you're earning \$50,000 in profit or \$500,000, this episode gives you the roadmap to turn your state tax payments into valuable federal deductions.If you're tired of paying more in taxes than you need to, or if you've heard about PTET but don't know if it applies to you, this episode delivers the clarity and action steps you need before the deadline hits.⏱️ Timestamps:00:00 Introduction to New York's Pass Through Entity Tax00:51 Understanding Pass Through Entities02:21 The SALT Cap and Its Implications05:13 Eligibility and Election Deadlines08:29 Quarterly Estimated Payments12:02 Real-Life Examples and Practical Tips16:10 Upcoming Changes and Final Tips18:44 Conclusion and Contact InformationWhy subscribe? Every week, Let's Get Fiscal shares tax strategies and business finance advice that actually work for real entrepreneurs—not corporate-speak you can't use. You'll get specific, actionable tactics, real client scenarios, and answers to the money questions keeping you up at night. The goal is simple: make business finances less intimidating and more profitable.🔗 Listen everywhere:Apple Podcasts: https://podcasts.apple.com/us/podcast/lets-get-fiscal/id1831050448Spotify: https://open.spotify.com/show/08AjRNfqQJBdG1vPazii4Q?si=fb0379d3bef94f11Watch on YouTube: https://www.youtube.com/@letsgetfiscalpodcast📊 Helpful resources:Got a question for the show? Submit it here: https://www.coterietax.com/qaWant to listen to more episodes? Start here: https://www.coterietax.com/podcastNeed personalized help with your business finances? Visit: https://www.coterietax.comWhat's your biggest tax or money question right now? Drop it in the comments below—Anastasia and Myiesha read every comment and love helping with real-world situations.#PassThroughEntityTax #NYStateTaxes #PTETStrategy #SCorpTaxes #SmallBusinessTaxes #NewYorkBusinessTaxes #SALTCap #TaxDeductions #EntrepreneurTaxes #CreativeBusinessTaxes #LetsGetFiscal #TaxPlanning