Elias Tax Service

01/03/2023

You may be curious to know what benefit is derived from a tax deduction. For most non-business deductions, the savings are based upon your tax bracket. For example, if you are in the 24% tax bracket, a $1,000 deduction would save you $240 in taxes. That is not the end of the story, as some deductions are eliminated or reduced due to income thresholds and phaseouts, while business deductions provide additional benefits.

Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized, some must exceed a threshold amount be...

01/02/2023

Elias Tax Service - Some Monday Motivation for our friends and colleagues.

12/31/2022

Let�s keep the weekend rolling. from Elias Tax Service

12/30/2022

Here's your tax fact of the week from your friends at Elias Tax Service.

12/29/2022

President Biden's student loan debt forgiveness plan is in the hands of the Supreme Court, but arguments won't be heard until February. So it will be some time before we will know if the forgiveness will happen.

President Biden's student loan debt forgiveness plan was originally authorized by an executive order and announced on August 24, 2022. It subsequently hit a snag when two court cases put a hold on the plan, which was one of Biden’s campaign promises.

12/28/2022

A little inspiration from Elias Tax Service. Wednesday Wisdom

12/27/2022

A common question parents have is, "How might I save for a child's post-secondary education in a tax-beneficial way?" The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or a university or enters an apprenticeship program.

A common question parents have is, “How might I save for a child’s post-secondary education in a tax-beneficial way?” The answer depends on how much the education is expected to cost and how much time is left until the child heads off to college or a university or enters an apprenticeship prog...

12/27/2022

Here are the January 2023 Business Due Dates...

Here are the January 2023 Business Due Dates

12/27/2022

A QCD is a nontaxable distribution made directly by the trustee of an IRA to organizations that are eligible to receive tax-deductible contributions.

12/26/2022

Over the course of a relatively short period of time, FTX Group went from being worth an estimated $32 billion to filing for bankruptcy. The sad tale.

Over the course of a relatively short period of time, FTX Group went from being worth an estimated $32 billion to filing for bankruptcy.

12/26/2022

Here are the January 2023 Individual Due Dates...

Here are the January 2023 Individual Due Dates

12/24/2022

Here's your of the week from your friends at Elias Tax Service.