Maryland is facing a tough money problem, but the new budget plan is trying to fix it. The state will raise some taxes and cut some spending to balance the budget. Most people won’t see big tax changes, but some services might be affected.
We’ll keep watching this story and bring you updates as things happen. In the meantime, it’s a good idea to stay informed and ask questions if you’re unsure how this may impact you.
Need Help Understanding the New Tax Rules?
Whether you’re a business owner or just curious about how these changes could affect your wallet, we’re here to help. Contact our team today to schedule a quick tax check-up or budget planning session.
The idea of the IRS sharing tax information with ICE is scary for many people. It changes a long-time rule about privacy. If this happens, it could stop people from filing taxes and cause big problems for everyone.
But for now, the rule has not changed. You can still file your taxes safely. It’s a good idea to talk to a tax expert who knows about immigration. They can help you stay safe and follow the law.
Stay strong. Stay informed. And don’t be afraid to ask for help.
The Coca-Cola tax fight shows how even big companies can be surprised by IRS changes. With major firms like Deloitte and PwC speaking out, this case could shape how the IRS deals with all businesses.
At Elite Consulting, P.C., we believe in clear rules, smart planning, and standing by our clients no matter what. If you want peace of mind with your taxes and finances, we’re here to help.
IRS budget cuts are making tax refund delays and fraud concerns a big issue. But don't worry—a CPA can help! From filing correctly to protecting you from fraud, a CPA ensures a smooth and stress-free tax season. Learn how they can help you get your refund faster and avoid IRS problems.
Filing taxes is something every American has to do, but that doesn’t mean it should be stressful. Most people want a simpler tax system, and for good reason. The current process is confusing, time-consuming, and frustrating for millions.
While change may take time, understanding the problem is the first step. By pushing for a fairer, simpler system, we can make tax season easier for everyone.
Until then, stay organized, use the right tools, and don’t be afraid to ask for help!
Lawmakers are considering a massive tax increase on university endowments, which could impact top schools like Harvard, Stanford, and Princeton. While the government aims to raise funds, universities warn this move could mean less financial aid and higher tuition. Will this change help or hurt students? Read on to find out how this proposal could shape the future of higher education.
Illinois is facing a $23 billion budget deficit, sparking a heated debate over income tax changes. Some lawmakers want to raise taxes on the wealthy, while others argue that lower taxes will keep businesses and residents from leaving. With other states adopting flat tax structures or eliminating income taxes, Illinois must decide how to stay competitive. What’s the best path forward? Read on to learn how these tax changes could impact you!
The IRS data leak exposed 405,000 taxpayer records, including those of former President Donald Trump, raising serious concerns about taxpayer security. With public trust in the IRS shaken, many are asking: Can we still trust the agency to protect our sensitive information?
This blog explores what went wrong, how the IRS is working to restore security, and what you can do to protect your tax data from future breaches. Learn about IRS security measures, fraud prevention tips, and how to safeguard your personal information in today’s digital world.
Did you know that buying an American-made car could help you save money on taxes? A possible Car Loan Interest Deduction may allow you to deduct the interest you pay on your car loan, helping you keep more money in your pocket.
To qualify, the car must be manufactured in the USA, and you may need to use it for business purposes. If this deduction becomes law, it could be a great way to reduce your taxable income.
Want to know if you’re eligible and how much you could save? Read on to learn more about this exciting tax benefit!
On December 4, 2024, President-elect Donald Trump nominated former Congressman Billy Long as the next IRS Commissioner. Known for his past efforts to abolish the IRS, Long’s nomination has sparked debate. Business owners are wondering what this could mean for taxes, audits, and possible IRS reforms. Will tax policies become simpler, or will uncertainty make financial planning harder? Read on to learn how this decision might impact your business.
A new tax plan called Project 2025 could bring big changes for American families. Some experts say it might increase taxes for the middle class while giving tax breaks to wealthy individuals. But what does that mean for you? If tax deductions and credits are reduced, many families could end up paying more. Meanwhile, high-income earners might benefit from lower corporate and estate taxes. Understanding these potential changes can help you prepare for the future. Read the full article to learn how Project 2025 could impact your finances!
The Senate’s decision to repeal the Biden-era crypto tax rule is a major shift for business owners considering cryptocurrency investments. With fewer compliance burdens, investing in Bitcoin, Ethereum, and DeFi platforms may now be more attractive. But does this mean businesses are free from tax obligations? Not exactly. Elite Consulting PC can help you navigate tax rules, minimize risks, and make smart crypto investment decisions for your business.
A proposed tax bill could eliminate taxes on tips and overtime pay, impacting how businesses handle payroll and employee compensation. If passed, this law could lead to higher take-home pay for workers and potential tax benefits for business owners. Learn how this could affect your company and what changes you may need to make.
A shocking IRS data leak has exposed the personal tax information of over 400,000 taxpayers, raising serious concerns about data security. When private tax details fall into the wrong hands, identity theft and fraud become real threats.
This breach is a reminder that no tax record is 100% safe—but there’s a smart way to protect yourself. A Certified Public Accountant (CPA) can help safeguard your financial data by securely filing your taxes, detecting fraud early, and handling IRS issues on your behalf. Unlike online tax software that stores your information in large databases vulnerable to hacks, a CPA keeps your tax records private and secure.
Want to learn how to keep your financial data safe? Read on to discover why working with a CPA is one of the best ways to protect your tax information.
International tax disputes might sound like a problem only for big businesses, but they can impact everyday people, too. When countries like France and the UK impose extra taxes on American tech giants like Amazon and Meta, it can lead to ripple effects—delayed tax refunds, fewer free tax filing options, higher prices on goods, and even job uncertainty.
To protect yourself, it's important to file your taxes early, stay informed about tax law changes, and explore free or low-cost tax filing options. Understanding how these international tax battles affect your finances can help you make smarter money decisions.
Great news for taxpayers! In 2025, the IRS is expanding its free tax filing program, allowing over 30 million people in 24 states to file their federal taxes at no cost using the IRS Direct File system. This means eligible taxpayers can avoid expensive tax software and keep more of their hard-earned money.
However, not everyone qualifies—itemized deductions and complex returns are not yet included. If you’re wondering who can use this service, how it works, and how much you can save, this guide breaks it all down. Keep reading to see if IRS Direct File is the right choice for your 2025 tax return!
The recent passage of the "No Tax on Overtime" bill could have a significant impact on businesses and employees alike. At Elite Consulting PC, we help businesses navigate complex tax changes like this one, ensuring they stay compliant while maximizing financial benefits. If this bill becomes law, employers may need to adjust payroll strategies, and employees could see changes in their take-home pay. Our team is here to provide expert guidance on tax planning, payroll management, and financial strategy to help businesses and workers make the most of new tax policies.
For personalized tax consulting and CFO services, Elite Consulting PC is ready to help. Contact us today to stay ahead of upcoming tax changes!
The IRS data leak is a serious reminder of how important it is to keep your tax information safe. While some things—like government data breaches—are out of our control, there’s still a lot we can do to protect our personal information.
Keep your SSN private.
File taxes early.
Avoid scams.
Use a trusted tax preparer.
Secure your online accounts.
By following these steps, you can reduce your risk and keep your tax data safe from hackers and identity thieves.
Elite Consulting PC helps individuals and businesses navigate complex tax laws, ensuring they maximize deductions and take advantage of valuable tax credits. As lawmakers debate changes to the SALT cap and EV tax credits, our team stays ahead of the latest updates to help clients minimize their tax burden. Whether you're a homeowner in a high-tax state looking for relief or considering purchasing an electric vehicle, Elite Consulting PC provides expert guidance to help you make informed financial decisions. Contact us today to see how these potential tax changes could impact you!
Tax laws might change soon, and the estate tax exemption could drop in 2026. If that happens, more families may have to pay higher estate taxes when passing down money or property.
What can you do now?
Give tax-free gifts before limits change.
Use trusts to protect your money.
Transfer a business or property early to lock in today’s tax rules.
Set up a Family Limited Partnership to reduce estate taxes.
Review and update your estate plan with a financial advisor.
By planning ahead, you can protect your family’s future and make sure your hard-earned wealth goes to the people you love, not the government.
