Nicole Albrecht may be reached at 951-633-1040 or www.elitetaxpartners.com
Over $17 billion is raised yearly in North America through world-famous websites such as GoFundMe and Kickstarter. All this crowdfunding activity leads to an obvious question: Is the money raised this way taxable income for the recipients? You might be surprised to learn that the courts and the IRS have provided almost no guidance on […]
The qualified plug-in electric vehicle credit remains in place through December 31, 2022, but if you purchased a qualifying electric vehicle after August 16, 2022, it must have been assembled in North America. The credit maximum remains $7,500. A new clean vehicle tax credit takes effect in 2023. The maximum amount of the new credit […]
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars. It was something much more basic: a long-term budget commitment to help the struggling, failing IRS. The Inflation Reduction Act invests an additional $80 billion in the […]
Here’s an easy question: Do you need more 2022 tax deductions? If yes, continue reading. Next easy question: Do you need a replacement business vehicle? If yes, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your replacement vehicle in […]
Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes. From 2018 through 2025, the TCJA caps itemized deductions for state income taxes (or general sales taxes if elected instead of income taxes), state […]
It’s not too late. You can still amend your 2020 and 2021 payroll tax returns. Remember, this can be worth up to $5,000 per employee in 2020 and up to $7,000 per employee per quarter for the first three quarters of 2021, for a 2021 total of $21,000 ($26,000 per qualifying employee for 2020 and […]
Temecula, California – We are excited to celebrate the grand opening of our new offices with our clients and community: The press and public are invited to the joint grand opening of Elite Tax Partners on January 13, 2022. The event will take place at 41951 Remington Avenue, Temecula, CA 92590. Guests will be treated […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020. Below are insights into some of the changes. Borrow $100,000 from Your IRA and Pay It Back within […]
Embedded in the COVID-19 relief law is $900 billion for financial assistance. As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021. Most of the provisions […]
Do you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true story. The story is about […]
