The 2025 Tax Law brings big changes for small business owners using pass-through entities like S corporations, partnerships, and LLCs. With the Qualified Business Income (QBI) deduction now made permanent, many business owners will see long-term tax savings — but only if they plan ahead.
From adjusting how you pay yourself to reviewing your entity structure, CPAs are already helping clients make smart moves before year-end. This article explains what every pass-through owner needs to know about the new law, how to qualify for the 20% deduction, and how to avoid costly mistakes.
Whether you run an S corp, a partnership, or a single-member LLC, now is the time to talk with your CPA and take advantage of these powerful tax opportunities.
The One Big Beautiful Bill Act introduces a new 1% tax on U.S. money transfers sent abroad starting January 1, 2026. Here’s what you need to know about the remittance tax and how it could affect families, businesses, and the global economy.
A new tax law lets car buyers deduct up to $10,000 in auto loan interest from their taxes between 2025 and 2028. Learn how to qualify, what cars count, and how to claim it.
Missing the IRS tax deadline or forgetting to pay what you owe might feel scary—but you're not alone, and it's not the end of the world. Whether you filed late, forgot to pay, or didn’t know the due date, there are steps you can take to fix it. In this post, we break down what really happens when you miss the deadline, what penalties and interest might apply, and the options the IRS offers to help you catch up. From payment plans to filing tips, we’ll make it simple so you can get back on track—without the stress.
The increase in alcohol taxes will undoubtedly affect both drinkers and businesses. While the extra cost might seem small at first, it accumulates over time and requires careful business planning. However, for pub owners, the slight reduction in draft beer taxes provides a silver lining.
By implementing strategic tax planning, adjusting pricing models, and leveraging tax incentives, alcohol-related businesses can navigate these tax changes effectively. Staying informed and proactive will ensure your business continues to thrive despite shifting tax policies.
At Elite Consulting PC, we understand the complexities of navigating capital gains tax strategies in an ever-changing economic and legislative landscape. As trusted advisors in tax planning and financial strategy, we specialize in helping individuals and businesses assess whether to accelerate gains or hold off, ensuring that every decision aligns with your long-term financial goals. With insights tailored to your unique situation, Elite Consulting PC equips you with the knowledge and tools to make informed choices in 2025 and beyond. Let us guide you toward smarter tax strategies that safeguard and grow your wealth.
As a trusted partner for businesses, Elite Consulting PC ensures you're always prepared for evolving tax regulations. The 2024 tax changes bring new challenges and opportunities, from shifts in corporate tax rates to updated deductions and credits. Our team specializes in helping businesses navigate these complexities, optimizing your tax strategy to reduce liabilities and enhance compliance. Stay ahead with Elite Consulting PC—your partner in proactive tax planning and financial success.
The importance of year-end accounting cannot be overstated; it is more than just a regulatory obligation—it is a vital tool for driving business growth and ensuring compliance. By conducting a thorough year-end review, businesses can enhance their financial clarity, improve planning capabilities, and build trust with stakeholders. As the fiscal year concludes, prioritizing this process will set the foundation for success in the upcoming year.
As the year comes to a close, several key tax deadlines are looming that could impact your financial future. Missing these important dates can lead to costly penalties or missed savings opportunities. From estimated tax payments and charitable contributions to required minimum distributions and year-end business expenses, there’s plenty to address before January 1. Stay ahead by reviewing these critical tax deadlines to ensure you start the new year on solid financial footing.
Tax season doesn’t have to be stressful when you have the right team by your side. At Elite Consulting PC, we specialize in helping self-employed professionals unlock every possible tax deduction. From business expenses and home office claims to retirement savings and health insurance deductions, we ensure you get the maximum return while staying fully compliant.
Let us handle the tax complexities so you can focus on what you do best—running your business. Contact Elite Consulting PC today for expert tax planning tailored to your unique needs!
When it comes to reducing your tax bill, understanding the difference between tax credits and tax deductions is essential. While both can lower your tax liability, they work in different ways. At Elite Consulting PC, we help individuals and businesses navigate these tax-saving opportunities to maximize returns.
Tax Credits: These provide a dollar-for-dollar reduction in your tax bill. For example, if you owe $2,000 in taxes and qualify for a $500 tax credit, your tax liability drops to $1,500. Our tax experts identify valuable credits like the Child Tax Credit, R&D Credit, and more to boost your savings.
Tax Deductions: These lower your taxable income, reducing your overall tax bill based on your tax bracket. We ensure our clients claim every eligible deduction, from business expenses to mortgage interest, maximizing potential tax refunds.
Let Elite Consulting PC create a customized tax strategy tailored to your unique financial situation. Contact us today to learn how we can turn tax season into a financial advantage!
At Elite Consulting PC, we specialize in helping oil and gas businesses maximize their tax savings through strategic planning. From leveraging intangible drilling costs and depletion allowances to navigating bonus depreciation and R&D tax credits, our tailored solutions ensure compliance and profitability for your operations.
Thanksgiving is a time of gratitude, family, and reflection on the abundance in our lives. Interestingly, the values and practices celebrated during Thanksgiving have surprising parallels to the world of accounting. Both revolve around careful planning, balance, and appreciation for what we have. Let’s explore how the essence of Thanksgiving aligns with core accounting principles.
At Elite Consulting PC, we specialize in guiding individuals and corporations toward lucrative mineral investment opportunities that deliver exceptional tax advantages. Through strategies like depletion allowances, advanced depreciation methods, and tailored tax incentives, we help our clients grow their wealth while significantly reducing tax liabilities. Discover how Elite Consulting PC can elevate your investment portfolio with smart, tax-efficient mineral investments.
While QuickBooks and other accounting tools are valuable, they can’t replace the expertise, strategic insights, and peace of mind a CPA provides. By letting a CPA handle your accounting, you’re not just outsourcing a task—you’re investing in a financial expert who can help your business thrive. Whether you’re looking to save time, optimize taxes, or scale your operations, a CPA is your go-to partner for all things accounting.
Ready to take your financial management to the next level? Contact us today and discover how professional expertise can transform your business!
