There are 3 categories the IRS uses to describe real estate investors that can dramatically change the taxpayer’s tax liability, namely: Real Estate Dealer Status Real Estate Developer Status Real Estate Professional Status Do you know which one are you? Real Estate Dealer Status: is defined as someone who is involved in real estate as […]
Being a business owner comes with a number of substantial benefits: being your own boss, pursuing your passions, controlling the growth of the company. One benefit that’s often overlooked is the ability to use a business as a completely legal tax shelter. By taking advantage of tax strategies designed to protect business owners, you can […]
Highlights of a few key issues to watch for as you get ready to have your 2021 tax return prepared. Charitable contributions: Usually, if you choose to claim the standard deduction, you cannot deduct your charitable contributions. For 2021, if you don’t itemize deductions, you may deduct up to $300 ($600 if Married Filing Jointly) […]
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 […]
With the end of the year fast approaching, it’s time to dissolve any inactive business to avoid having to pay extra fees and paperwork for 2022. When a business entity is no longer needed, has completed its business dealings, has completed its job in a foreign State, or even if it was never used for […]
Esther Phahla, President/CEO of Esther N. Phahla, CPA, A Professional Corporation in Temecula was selected as one of the 2020 Top 50 Women in Accounting by PRACTICE Ignition – celebrating all the amazing women who are driving advocacy, change and creating opportunities in the Accounting and Bookkeeping industry! “2020 was a year like no other. […]
On March 11, 2021, President Biden signed the American Rescue Plan Act into law. The bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. As a taxpayer be aware and understand which ones affect your 2020 tax returns and plan for 2021. Here are some major provisions: Unemployment As […]
