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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Colorado SALT Workaround
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Avs19
Level 5
03-15-2023
04:32 PM
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Just making sure I'm doing this correctly
I plan to have a cash basis Scorp make the annual election to pay the CO State tax this year. Comes to around 20K. Since the Scorp is cash basis, it won't get the Federal deduction until 2023.
I then plan to take the 20K credit on the owner's 2022 personal State return on 104CR line 12 (Electing pass-through entity owner tax credit)
Thanks
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