Major tax legislation always brings a mix of excitement and confusion. The recently passed “Big Beautiful Bill” is no exception, introducing significant changes that will directly impact the financial lives of millions. We’ve analyzed the new legislation to help you understand how these changes affect your paycheck, your business, and your financial future. Here are […]
Many individuals and business owners view taxes as a once-a-year event. They gather receipts in February, file before April 15th, and hope for the best. This reactive approach is what we call “tax preparation.” While necessary, it only records history. It tells the IRS what happened in the past. But what if you could change […]
Facing IRS notices can feel overwhelming. The pile of paperwork seems endless, the deadlines approach fast, and finding trustworthy help feels impossible. Many business owners and individuals have been burned by tax professionals who overpromise and underdeliver, leaving them more confused and stressed than before. But what if there was a different approach? What if […]
Most W-2 workers feel trapped when tax season arrives. You watch a significant chunk of your hard-earned paycheck disappear to federal and state taxes, with limited options to reduce what you owe. Traditional tax advice often focuses on maxing out your 401(k) or claiming standard deductions – but what if there was a more powerful […]
Receiving a notice from the IRS can leave you feeling fearful, anxious, overwhelmed, or confused about what to do next. In these moments, expert help is essential – you need someone truly trustworthy who understands every step of the process. That’s where Enrolled Agents (EAs) come in. At Elite Tax Preparers, we’re proud to say […]
Important changes to the Child Tax Credit are helping many families get advance payments of the credit: Half the total credit amount is being paid in advance monthly payments. See the payment date schedule below. You claim the other half when you file your 2021 income tax return. Advance payments are sent automatically to eligible people. […]
IR-2021-216, November 4, 2021 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and […]
IRS Tax Tip 2021-164, November 4, 2021 In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most common tax-related scams. Email phishing scams The IRS does […]
IR-2021-214, November 3, 2021 WASHINGTON — The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their […]
IR-2021-215, November 3, 2021 WASHINGTON — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests,” in the form of frequently asked questions (FAQs). The FAQs contain sample worksheets that certain passthrough entities […]
