When it’s OK to be average

By elitecpas | March 10, 2014 | Comments Off on When it’s OK to be average
IRS Logo

Here are the average deductions, by level of income, based on the latest available IRS stats. The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. [Editor’s note: Remember that there is no “average” amount that…

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What’s my tax rate? Here’s why that can be a hard question.

By elitecpas | March 3, 2014 | Comments Off on What’s my tax rate? Here’s why that can be a hard question.
Rate structure for 2013

Clients are sometimes surprised that we need to call them back with an answer to the above question. The chart below explains why this can require some analysis to answer. On this client’s 2013 return, he has encountered no less than six rate structures. Since you can’t effectively plan without knowing your real marginal rate,…

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Can you deduct the cost of a Skybox used for business entertainment?

By elitecpas | February 21, 2014 | Comments Off on Can you deduct the cost of a Skybox used for business entertainment?
baseball skybox

  The answer is yes – for the most part. Here’s a letter we wrote to a client explaning how this works. Dear [name redacted] You’ve asked us to review the tax limitations on  deducting the expenses of renting a skybox or other private luxury box at a sporting event. Skybox rentals are subject to…

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Using cloud software to organize your life and business

By elitecpas | January 10, 2014 | Comments Off on Using cloud software to organize your life and business
Microsoft OneNote

New Year’s Resolutions: Stay Organized in 2014 (by Jay Garner of the Smith Conley team)   As we all get ready to set our New Year’s resolutions, we should all take a moment to look back over the current year and try to identify the single biggest time waster that prevented you and/or your business…

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