Washington Elite Tax Pro

Washington Elite Tax Pro - Some Friday tax knowledge for our friends and colleagues.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.

Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.

Wednesday Wisdom from your friends at Washington Elite Tax Pro

To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.

Set yourself up for success with Monday Motivation from Washington Elite Tax Pro

Let's get the weekend started. Friday from Washington Elite Tax Pro

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

Tap into your full potential. Wednesday Wisdom from Washington Elite Tax Pro

An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.

Washington Elite Tax Pro - Some Monday Motivation for our friends and colleagues.

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

End of week tax fact from Washington Elite Tax Pro