Look, folks, the IRS doesn’t play games, and if you’re running a business, you better believe they’ll come knocking if you mess up your taxes. Too many business owners are leaving money on the table or, worse, setting themselves up for a financial disaster. Here are the biggest tax mistakes you need to stop making—right […]
With Donald Trump back in the White House, major tax law changes could be on the horizon. Many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire at the end of 2025, creating an opportunity for potential extensions and new policies. During his first term, Trump’s tax overhaul nearly doubled […]
Tax season doesn’t have to be stressful or costly. Yet, many business owners wait until the last minute to address their taxes, leading to missed deductions, unnecessary penalties, and cash flow surprises. The solution? Proactive, year-round tax planning combined with a simple preparation strategy. Here’s how to take control of your taxes, reduce stress, and […]
The 2017 Tax Cuts and Jobs Act (TCJA) introduced temporary tax cuts that are set to sunset after 2025. If Congress allows the TCJA to expire as scheduled, significant changes to the tax system will occur in 2026, affecting tax rates, brackets, and deductions. According to projections by the Congressional Budget Office (CBO), 62 percent […]
As 2024 comes to a close, it’s the perfect time to review your finances and take proactive steps to reduce your tax bill. Here are some strategies to help you save before the year ends: 1. Maximize Contributions to Retirement PlansTake full advantage of your workplace retirement plan. For 2024, you can contribute up to […]
My name is Nicole, and I founded Elite Tax Partners because I realized something crucial was missing in the traditional model—heart. Dissatisfied with the impersonal approach of larger firms, I set out to build a company where values are not just talked about but lived and breathed in every interaction. I wanted to create a […]
Are you an S Corporation owner looking to maximize your tax savings? The Augusta rule, outlined in IRC Section 280A(g), might be the key to tax-free income for you. This rule allows S Corporation owners to benefit from tax-free rental income when their dwelling unit is used as a residence and rented for less than […]
The recently enacted Inflation Reduction Act brings forth significant enhancements and extensions to tax credits aimed at promoting energy efficiency in homes. Here’s an overview of the key provisions: 1. Solar Panels and More Homeowners can now enjoy a substantial 30% tax credit for installing solar panels, effective retroactively from 2022. Additionally, credits are available […]
