For Individuals
Summary 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
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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”]
Read MoreThanksgiving Items
Our clients are some of the most grateful people we know. It seems appropriate on this holiday to document the things that we’re most thankful for and the persons responsible for them. We’re always thankful for you, our clients, and look forward to serving you in the coming year!
Read MoreDo you receive Social Security, Civil Service, or VA Benefits
From one of our Elder-Law attorney friends Ira Leff As the old joke goes, there’s good news and bad news… The good news is that your Social Security, Civil Service, and V.A. benefits are going up in January by 1.3 percent. So, if you are currently receiving $1,000 per month gross income, starting in…
Read MoreThe Electoral College – should we eliminate it?
Doe the EC still serve a useful purpose? The answer is surprising!
Read MoreAn Extra 100 days of Medicare Coverage
Most of our clients who are elder-care providers are aware of the 100 days of skilled care (Nursing Home Coverage) that Medicare will provide. Due to the COVID crises, an extension of this timeline is available. Elder-Law Attorney Ira Leff describes this in detail on his website. The summary below is reprinted with permission from…
Read MoreShould you move to a state without income tax?
If you’re considering moving to a different state, taxes in the new state may be the deciding factor—especially if you expect them to be lower. Consider All Applicable State and Local Taxes If your objective is to move to a lower-tax state, it may seem like a no-brainer to move to one that has no…
Read MoreFacts about IRS and Forfeiture of Assets
When you get two tax attorneys discussing how IRS can take your assets before you are even accused of a crime, it gets my attention. As our guest speaker attorney Kelly Phillips says, “Due process is a fundamental Constitutional right.” You may feel like you’re in a law school class, but the audio below is…
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