Posts by elitecpas
The fiscal cliff in graphic form
Hollywood’s Friday the 13th and Freddy Kruger can’t begin to compare to how scary this picture promises to be. Coming to a country (very) near you on January 1, 2013. Clients can E-mail us for a special video presentation with specific details on what’s involved. We’ve also compiled a listing of helpful articles which can…
Read MoreSpecific info on the Fiscal Cliff
Detailed information of the peaks and valleys of the Fiscal Cliff Our last newsletter (see this link) contained general information and warnings about the financial and tax disaster referred to by the media as the “fiscal cliff.” We’ve been deluged with requests for more specific details on the effects of this scheduled legislation. Remember,…
Read MoreThe Dark Knight vs. H&R Block
Bruce Wayne (aka Batman) may be out to get Block (H & R), not the villainous Bain. Seems like H&R did a tax return comparison between the wealthy Mr. Wayne and a competing super-hero and made a 17- million- dollar mistake on his tax projection. In the first calculation (now pulled from their website) Block had Bruce Wayne reducing…
Read MoreIs there a way to deduct my political donation?
Is there a way to deduct a political donation? The answer may surprise you. More than most tax questions, the answer to this one really is – “It depends.” It depends upon whether the donation was given to: a social welfare group, a trade association, a PAC, a so-called Super PAC, or…
Read MoreBreaking tax news for 2013!
IRS just announced the new (and higher) limits on 401(k) plans etc. Here’s a summary for use in 2013 tax planning. The inflation-adjustments for 2013 include: Gift Tax Exemption: $14,000 (up $1,000 from 2012) Contribution Limit for 401(k)/403(b)/457 Plans: $17,500 (up $500 from 2012) Catch-Up Contribution Limit (Age 50+) for 401(k)/403(b)/457 Plans: $5,500 (same as 2012)…
Read MoreA Tale of Two Tax Plans
With apologies to Charles Dickens, here’s an easy to understand graphic of how the upcoming tax plans measure up. Source: www.backtaxeshelp.com
Read MoreBack to School, Back to Practice: What You Need to Know About Your Insurance as a Volunteer Coach
As children return to school across the country, families know that can also mean a return to the practice field, whether through school sports teams or community sports programs and often parents may find themselves on the sidelines as a volunteer coach. It can be especially rewarding to teach children the skill sets of a…
Read MoreYour Cheating Chart (from the Journal of Accountancy)
To paraphrase the country western song, your cheating chart is going to tell on you! Fellow CPA Carlton Collins shows common ways that data presentation via charts can be unethically manipulated to change the reader’s conclusions Don’t be fooled by government (or other) data that sounds too good to be true. Learn to be discerning…
Read MoreHow to send us your documents – It’s safe and easy
[Editor’s Note]- We’ve changed the look of the client portals after the date of this post. The portals are now in a facebook-type look and feel and are much easier to navigate. We’ve replaced the old video with an updated one of your humble CPA’s demonstrating how to upload your data. After you send us…
Read MoreHow to avoid payroll taxes
Wouldn’t it be helpful with your company’s cash flow if you could just not remit the social security and medicare withholding taxes? We don’t recommend this as a strategy but, according to the US Inspector General, it’s working pretty well for some Federal agencies. These Federal agencies owe over 14 million of back payroll taxes…
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