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 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.

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!

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?

1. Give tax-free gifts before limits change.
2. Use trusts to protect your money.
3. Transfer a business or property early to lock in today’s tax rules.
4. Set up a Family Limited Partnership to reduce estate taxes.
5. 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.

President Trump’s new tax idea is interesting because it would let people keep all their money instead of paying income tax. But it also raises big questions about whether it would make life more expensive.

Some believe it could help the economy, while others worry it could hurt everyday people. No one knows for sure what will happen, but this debate will likely continue.

What do you think? Would you rather pay higher prices on products but keep all of your paycheck, or keep things the way they are?

Large partnerships have used complex strategies to reduce their tax bills for years. But now, the government is taking action to make sure they pay their fair share. By increasing audits, closing loopholes, and requiring more transparency, officials hope to create a fairer tax system for everyone.

These changes could have a big impact on businesses, small companies, and everyday taxpayers. As the government continues to crack down, we’ll likely see more efforts to stop tax avoidance in the future.

Taxes are an important part of keeping our country running. When everyone pays their fair share, it helps create a stronger and fairer economy for all.

Disasters can turn your world upside down, but the right tax relief can help ease the financial burden. Understanding tax laws and making the most of the available benefits isn’t always easy. That’s why working with a CPA is one of the best decisions you can make. A CPA will ensure you take full advantage of tax relief options, get your refunds faster, and avoid costly mistakes.

If you’ve been affected by a disaster, don’t navigate the tax process alone. Contact a CPA today to get the expert guidance you need to maximize your tax benefits and get back on your feet.

The possible changes to the SALT deduction cap could have a big impact on taxpayers, especially those in high-tax states. While raising or removing the cap would help many people save money, it could also reduce federal tax revenue and mainly benefit high earners.

For now, the debate continues in Congress. Whether the cap changes or stays the same, understanding your tax deductions and planning ahead can help you make smart financial decisions.

Want to stay updated on tax changes and strategies?

Tax season is an important time, and choosing the right tax preparer can make a big difference. The IRS reminds taxpayers to be careful and do their research before trusting someone with their tax return.

By following the tips in this article, you can protect yourself from scams and mistakes. Always choose a tax preparer with the right credentials, check their reviews, and avoid anyone who seems dishonest.

If you need tax help, consider working with a CPA or EA to ensure your return is accurate and filed correctly. A good tax preparer will give you peace of mind and help you make the most of your tax refund.

The new 7% underpayment penalty is a reminder that it’s important to stay on top of your taxes all year long. By adjusting your withholdings, making estimated payments, and keeping track of your income, you can avoid extra charges and keep more money in your pocket. If you’re unsure what to do, talking to a tax professional can help you make the best decisions for your situation.

Taxes can be complicated, but with the right planning, you can avoid surprises and penalties. Stay informed, pay on time, and keep more of your hard-earned money!

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.

The new Treasury Secretary, Scott Bessent, is working to keep taxes low and reduce government spending. His goal is to help American workers and businesses keep more of their hard-earned money. While tax policy debates will continue, his approach aims to strengthen the economy and create more financial opportunities for everyone.

No matter what happens with taxes, smart financial planning can help you save money and prepare for the future. Keep an eye on government tax updates, take advantage of tax-saving strategies, and stay informed about how these changes may impact you.

By understanding tax policies and making informed financial decisions, you can take control of your money and set yourself up for a successful financial future.

The changes to tax brackets and the standard deduction for 2025 are designed to help taxpayers adjust to rising inflation. By understanding these updates, you can plan ahead and save money during tax season.

If you’re unsure how these changes will affect your taxes, consider working with a professional. A tax advisor can guide you through the new brackets and deductions, making sure you get the best possible outcome.

Remember, taxes can be confusing, but staying informed is the first step to keeping more of your hard-earned money.

Big changes could be coming to the state and local tax (SALT) deduction, and they might save you thousands. Lawmakers are discussing raising the $10,000 limit or even removing it entirely, giving homeowners and small business owners in high-tax states a major break. Find out what these changes mean, who stands to benefit the most, and how to prepare so you don’t miss out!

The new tax rules for online sellers are a big change, but they don’t have to be scary. By staying organized, keeping track of your sales and expenses, and reporting your income correctly, you can avoid penalties and keep your online selling business running smoothly.

If you’re feeling unsure about how these changes will affect you, consider reaching out to a tax professional. They can guide you through the process and help you understand your specific situation. With a little preparation, you’ll be ready to handle these changes and focus on what you do best—selling online!

At Elite Consulting P.C., we understand that every new administration brings potential tax changes that can impact your financial and business strategies. Whether you’re a business owner, high-net-worth individual, or growing professional, these changes don’t have to be overwhelming when you have the right team in your corner.

Our experienced advisors stay ahead of legislative developments, ensuring our clients are always prepared for shifts in tax policies—whether it’s adjustments to corporate tax rates, estate tax exemptions, or new deductions and credits. With Elite Consulting P.C., you get more than compliance. You gain proactive strategies designed to protect your assets, minimize tax liability, and maximize opportunities, no matter the political landscape.

Let us help you stay ahead of the curve. Reach out to Elite Consulting P.C. today and ensure you’re prepared for whatever changes the new administration may bring!