Posts by elitecpas
The SECURE ACT – New Rules for Retirees
New Law Extends Key Tax Breaks into 2020 — aka How Congress tries to upset your year-end planning Just when it seemed like Congress was too distracted by impeachment proceedings and national security to worry about taxes, they throw curveballs into our year-end tax planning. The Extenders and Secure (Retirement) Act are just a…
Read MoreOut with the old – in with the new 2020 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 MoreBusiness Reading List for the Holidays
To succeed in business, it’s necessary to learn some economic theory. Don’t worry – this doesn’t mean you have to have a degree in Econ studies – it just means you grasp some principles of how free markets work. Some of the best reads that I’ve ever found are described in our video review below.…
Read MoreChristmas giving and tax deductions
In the case of non-cash charitable gifts you need to be careful not to fall into several tax traps that may limit your deduction.
Read MoreChristmas gifts and their tax benefits
Holiday parties and gifts can help show your appreciation and provide tax breaks With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand…
Read MoreChrisley knows best — except for taxes
There have always been a number of things you can do to get on the IRS’ bad side and (in the Christmas vernacular) their “naughty list.” This article from Forbes is a great checklist of things you should never, ever, do when dealing with an IRS audit. Published by Tax Attorney Robert Wood in Forbes…
Read MoreHitting the target with the Business Income Deduction
The new deduction of 20% of qualified business income (QBI) has been a source of confusion for clients (and accountants as well). But given that this is a deduction that you can obtain without spending additional money from your business, it’s well worth some effort to understand. You can find what defines a SSTB (see…
Read MoreIf Alexa were made by Southerners . . .
Sometimes during the final deadlines of the 1040 tax season, you just need a good laugh. Thus, in the spirit of tax humor, we present – What if Alexa was built by Southern folks? To view, click on the play button, and the speaker icon for sound. If Alexa was Southern The future has arrived,…
Read MoreSell your C-Corp business and pay no tax?
Section 1202 allows you to sell qualified small business stock (QSBS) on a tax-free basis! Now, add to this no-tax-on-sale benefit to the 21 percent corporate tax rate from the Tax Cuts and Jobs Act, and you have a significant tax planning opportunity. Let’s just suppose the following: You sell your C corporation stock. The…
Read MoreGet a 30 Percent Tax Credit for Residential Solar Panels
Only a few months left to Claim a Tax Credit for Residential Solar Panels If you’ve decided that you want to go the Solar Energy route, here are some unique tax advantages to help pay for it. The 30 percent residential solar credit: drops to 26 percent for tax year 2020, drops to 22 percent…
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