Donor-Advised Funds -they are easier than you think
Donor-Advised Funds: A Tax Planning Tool for Church and Charity Donations Do you give money to your church? Do you get a tax benefit from those donations? How about your donations to other charities? Recent changes in the tax code have done much to destroy your benefits from church and other tax-deductible 501(c)(3) donations. But…
Read MoreHSA for Seniors on Medicare?
From our friend and elder-law attorney Ira Leff (used with permission). 32 million Americans currently maintain Health Spending Accounts (HSAs). These accounts provide three types of tax benefits: contributions are tax-deductible, earnings are tax-free, and withdrawals are not subject to taxation if they are used to pay qualified medical expenses. As of the end of…
Read MoreSEP vs 401(k)
We get a lot of questions (especially from self-employed business owners) on how the SEP IRA and the solo 401(k) retirement plans stack up in a head-to-head comparison. What they have in common: Both plans -create tax deductions for the money you invest in the plan, -grow tax-deferred inside the plan, and -suffer taxes only…
Read MoreGeorgia makes a common-sense move on taxes!
March 23, 2022, 5:03 PM Georgia will be sending $1.1 billion in refund checks to taxpayers in the coming weeks after Gov. Brian Kemp signed legislation Wednesday designed to help families cope with the recent surge in inflation. Kemp, first-term Republican seeking reelection in November, signed H.B. 1302, which offers an income tax credit to…
Read More2022 Tax Planning Guide
We have all the basic rates and tables in one place. Use the download link to save to your machine. [embeddoc url=”https://elitecpatax.com/wp-content/uploads/2022/03/2022Desktop-Reference.pdf” height=”1200px” download=”all” viewer=”google”]
Read MoreNew 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”]
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