For Individuals
Are there exceptions to the 10% early withdraw Penalty?
Actually there are quite a few. Here’s a partial list.
Read MoreMore Security from the Secure Act 2.0
At What Age Does the Government Require the RMD? The chart below gives you the age when you have to start taking RMDs: Your Birth Year Your Mandatory RMD Age 1950 or earlier 72 (70.5 for those who turned 70.5 before 2020) 1951-1959 73 1960 or later 75 When Do I Have to Take My…
Read MoreInflation adjustments to tax items
With inflation at a 40-year high, inflation-adjusted tax amounts have kicked into place. Here are the increased amounts for 2022 and 2023.
Read MoreIRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
Read MoreMMDA- Making meals deductible again
Have you missed partying and having business meals with your prospects, customers, and employees? Well, get ready to start again. Soon, COVID-19 will be behind us, we can get back to normal. To help you get ready, check the table below for what you can do in 2021 and 2022 as the law stands now:…
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,…
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