year end tips – Elite CPA Tax

Christmas giving and tax deductions

By elitecpas | December 24, 2019 |

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.

Christmas gifts and their tax benefits

By elitecpas | December 18, 2019 |

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…

Common sense year-end planning

By elitecpas | December 21, 2018 |

7 last-minute tax moves for your business Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until early 2019 to send invoices. Accrual-basis businesses can defer recognition of certain advance payments for products to be delivered or services to be provided next…

Tis the season to deduct Holiday gifts and parties

By elitecpas | December 19, 2018 |

When holiday gifts and parties are deductible or taxable The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax…