Posts by elitecpas
New IRS position on Crypto currency
From Bloomberg tax: The burgeoning crypto sector represents a goldmine for government treasuries, says MyChargeBack’s Michael B. Cohen. And as Tax Day approaches, taxation authorities around the world are anxious to cash in. Income Tax Day is fast approaching, and taxation authorities around the world are anxious to cash in on cryptocurrency. Not their cryptocurrency,…
Read MoreSummary of IRA deduction rules
Quick summary of IRA rules The maximum annual contribution limit is $6,000 in 2021 and 2022 ($7,000 if age 50 or older). Contributions may be tax-deductible in the year they are made. Investments within the account grow tax-deferred. Withdrawals in retirement are taxed as ordinary income. The IRS requires individuals to begin taking money out of…
Read MoreTax Reference Guide for 2021
[embeddoc url=”https://elitecpatax.com/wp-content/uploads/2022/02/web-Desktop-Reference-2021.v2.pdf” height=”970px” download=”all” viewer=”google”]
Read MoreRental losses – how they work
It is not unusual to have rental losses, especially in the first years as you may improve and furnish the property for optimum rental. IRS statistics show that over half of those reporting rental income and expenses each year show a loss. If you have a rental loss, welcome to the club. Although losing money…
Read MoreThings that are good to know
There are a number of things that every business owner needs to know. Here’s a starting point. [embeddoc url=”https://elitecpatax.com/wp-content/uploads/2022/01/NCA-SEast-Tax_Facts-2.pdf” download=”all” viewer=”google”]
Read MoreEating well – with the IRS’ blessing
We get lots of questions about the 100% meals deduction continuing through 2022. Here’s a summary of how the deductible meals are treated. [embeddoc url=”https://elitecpatax.com/wp-content/uploads/2022/01/Meals-Entertainment.pdf” download=”all” viewer=”browser”]
Read MoreOut with the old – in with the new 2022 mileage rates
It’s easy to forget about the business use of your personal car. Here’s how to calculate this deduction for all your business miles.
Read MoreEstate Planning under the Biden Administration
The following article is from The National Law Review (Feb 13, 2021 issue by Jacqueline Messler) and does a great job of summarizing the (possible) coming changes in estate tax law. “Over the past twenty years, there has been a dramatic change in the Estate tax laws. Given the Democratic control established in Washington, D.C.…
Read MoreThanksgiving Items
Our clients are some of the most grateful people we know. It seems appropriate on this holiday to document the things that we’re most thankful for and the persons responsible for them. We’re always thankful for you, our clients, and look forward to serving you in the coming year!
Read MoreDo you receive Social Security, Civil Service, or VA Benefits
From one of our Elder-Law attorney friends Ira Leff As the old joke goes, there’s good news and bad news… The good news is that your Social Security, Civil Service, and V.A. benefits are going up in January by 1.3 percent. So, if you are currently receiving $1,000 per month gross income, starting in…
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