How to save taxes? Let’s count the ways.
Are there exceptions to the 10% early withdraw Penalty?
Actually there are quite a few. Here’s a partial list.
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Why you should start a 529 Plan for your 2 year-old child
Start the 15-year clock! Open a 529 plan for each child today. It doesn’t take thousands of dollars or in some cases even hundreds of dollars-maybe as little as $100 to open this savings account. By opening it now the parent can start the 15-year savings clock so that all earnings in the account are…
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…
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Inflation 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.
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IRS grants penalty relief!
This is a rare gift from the imperial IRS. Check the article below for details.
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MMDA- 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:…
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IRS changes gears with new mileage rate July 1, 2022
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.
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Tax-Deductible Retirement Plans for 2022
For the small business owner: Options when you are self-employed with no employees (Chart 1 below) Options when you are the only employee of your corporation (Chart 2 below)
Read MoreHow to save taxes? Let’s count the ways.
Rental losses – how they work
It is not unusual to have rental losses, especially in the first years as you may improve and furnish the…
Things 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”…
Eating well – with the IRS’ blessing
We get lots of questions about the 100% meals deduction continuing through 2022. Here’s a summary of how the deductible…
Out with the old – in with the new 2022 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.
Estate Planning under the Biden Administration
The following article is from The National Law Review (Feb 13, 2021 issue by Jacqueline Messler) and does a great…
Thanksgiving Items
Our clients are some of the most grateful people we know. It seems appropriate on this holiday to document the…
Do 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……
Simple in Sixty – Excel Tables
Learn some of the benefits of Excel tables in sixty seconds!
The Electoral College – should we eliminate it?
Doe the EC still serve a useful purpose? The answer is surprising!
Helpful Tools for Clients
For our first-time guests and new clients:
The first thing that you should look for in your Financial Advocate is the right attitude.
At SCA we don't believe in the "one size fits all" method of thinking. We post recent articles that may serve to help you save or make more money.