Elite Tax and Consulting

Elite Tax and Consulting No annoying advisory and financial lingo. Just straight, authoritative and friendly advice. We are professional, experienced, and affordable.

Elite Tax and Consulting is licensed in ND and specializes in Bookkeeping. We offer a broad range of services for business owners, executives, and independent professionals. Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness and quality. Professionalism
Our firm is one of the leading firms in the area

. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and specialized staff spell the difference between our outstanding performance, and other firms. We make sure that every client is served by the expertise of our whole firm. Responsiveness
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly. Quality
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available and to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations. We welcome you to contact us anytime.

What is bonus depreciation: and could it help your business? šŸ“ŠBonus depreciation, also called the additional first-year ...
09/02/2026

What is bonus depreciation: and could it help your business? šŸ“Š

Bonus depreciation, also called the additional first-year depreciation deduction, may allow a business to deduct a large portion: potentially 100%: of qualifying property in the year it is placed in service, rather than depreciating the cost over several years.

For 2026, current IRS guidance generally provides 100% bonus depreciation for qualifying property acquired and placed in service after January 19, 2025, subject to eligibility requirements and elections.

Qualifying property may include certain machinery, equipment, furniture, computers, and qualified improvements. Land and most buildings generally do not qualify, and used property must meet additional requirements.

ā€œPlaced in serviceā€ means the property is ready and available for business use: not simply purchased.

Bonus depreciation reduces taxable income; it is not a dollar-for-dollar tax credit and may create or increase a loss. The timing should be coordinated with projected income, basis, business-use percentage, and state rules.

Before making an election, consult a tax professional. Elite Tax and Consulting can help you evaluate the strategy for your business. Contact us to schedule a consultation.

A suit may look like a business expense: but it usually isnā€™t deductible. šŸ‘”Professional clothing such as suits, dress sh...
09/02/2026

A suit may look like a business expense: but it usually isnā€™t deductible. šŸ‘”

Professional clothing such as suits, dress shirts, blazers, dresses, and business-casual attire generally does not qualify because it can be worn for everyday use: even when required for work meetings.

The exception is clothing that is specifically required for work, unsuitable for ordinary everyday wear, and not reimbursed. Examples may include qualifying uniforms, hard hats, safety shoes, and other protective gear.

Most unreimbursed employee expenses are also generally not deductible under current federal rules, except for limited qualifying categories. Keep your receipts and any written employer requirements, and consult a tax professional because individual and state rules may vary.

Have questions about a potential deduction? Elite Tax and Consulting is here to help you plan with confidence.

A new potential tax deduction could apply to interest paid on certain qualified passenger vehicle loans: but eligibility...
09/01/2026

A new potential tax deduction could apply to interest paid on certain qualified passenger vehicle loans: but eligibility is not automatic.

Treasury and the IRS issued proposed regulations under IR-2025-129 covering the deduction and lender reporting requirements. Lenders will use new Form 1098-VLI, but receiving the form does not confirm that you qualify.

Key points:
ā€¢ The vehicle must meet the original-use requirement, so used vehicles generally do not qualify.
ā€¢ The deduction is capped at $10,000 per tax return.
ā€¢ The MAGI phaseout begins above $100,000: or $200,000 for married couples filing jointly.
ā€¢ Transitional relief is available for 2025 reporting.

These are proposed regulations, not final rules. Verify the final requirements and consult a tax professional before claiming the deduction. Elite Tax and Consulting can help you evaluate how the rules may apply to your situation.

A father buys a rental property for $200.,000 Years later, itā€™s worth $1.1 million: a potential $900,000 gain if sold.In...
08/28/2026

A father buys a rental property for $200.,000 Years later, itā€™s worth $1.1 million: a potential $900,000 gain if sold.

Instead of selling, he may borrow against the propertyā€™s value. Genuine loan proceeds generally arenā€™t taxable income, allowing access to liquidity while deferring a sale and its capital-gains tax.

If he dies still owning the property, his children may generally receive a basis stepped up to its fair market value at death: approximately $1.1 million in this example. If they sell near that value, the built-in gain may be significantly reduced or eliminated for income-tax purposes.

This high-level concept is often called ā€œdefer, defer, die.ā€ But it is not a guaranteed loophole:

ā€¢ Loans must be bona fide, with interest and repayment obligations
ā€¢ Estate tax, depreciation recapture, passive-loss, state-tax, and trust rules may materially change the outcome

Before taking action, consult qualified tax, estate-planning, and financial professionals. Need help evaluating your situation? Contact Elite Tax and Consulting for a Discovery Meeting.

LeBron James reportedly borrowed approximately $300 million against future Nike and business earnings before joining the...
08/28/2026

LeBron James reportedly borrowed approximately $300 million against future Nike and business earnings before joining the Lakers in 2018.

Why does that matter? Borrowed funds generally arenā€™t treated as taxable income when received. This can provide liquidity without selling appreciating business interests: and potentially triggering capital-gains tax. Future earnings can then be used to service the debt.

Itā€™s a high-level example of the ā€œbuy, borrow, dieā€ strategy associated with some ultra-wealthy individuals: build appreciating assets, borrow against them, and defer selling.

The details of LeBronā€™s reported arrangement should not be treated as verified personal tax advice. Strategies like this require specialized legal, tax, and financial guidance.

LeBond? Maybe. šŸ˜­šŸ’°

Your business deserves more than guesswork. Professional accounting support helps you stay organized, understand your nu...
08/27/2026

Your business deserves more than guesswork. Professional accounting support helps you stay organized, understand your numbers, save valuable time, and make confident financial decisions.

At Elite Tax & Consulting, we provide personalized accounting, tax preparation, QuickBooks support, and CFO consulting to help your business move forward.

Focus on running your business: weā€™ll help you stay on top of the numbers. Contact us today to learn how we can support your success.

What financial records should you retain? Review the attached image and consider which records you need to keep organize...
08/25/2026

What financial records should you retain? Review the attached image and consider which records you need to keep organized for your personal or business finances. Not sure where to start? Weā€™re here to help. šŸ“

As the Minnesota Vikings return to U.S. Bank Stadium, hereā€™s a tax lesson worth knowing: the ā€œjock taxā€ isnā€™t a special ...
08/24/2026

As the Minnesota Vikings return to U.S. Bank Stadium, hereā€™s a tax lesson worth knowing: the ā€œjock taxā€ isnā€™t a special federal tax. Itā€™s the nickname for nonresident state: and sometimes city: income-tax filings required when professional athletes work across multiple jurisdictions.

NFL salary, roster and workout bonuses, and most signing bonuses are generally W-2 compensation. Endorsements, appearances, sponsorships, paid social-media work, camps, and autograph income may be reported separately as business or self-employment income.

Many states use a duty-days formula:
Applicable compensation Ɨ duty days worked in the state Ć· total duty days.

If 9 of 180 duty days occur in one state, roughly 5% of applicable compensation may be allocated there. Duty days can include practices, meetings, training camp, and games: not just game day.

Minnesota applies duty-day allocation to nonresident salaried athletic-team employees. Minnesota residents are generally taxed on all income, with potential credits for taxes paid to other states.

No-income-tax road-game states may reduce one layer of tax, while high-tax states or cities can create additional filings. Personal expenses arenā€™t automatically deductible, and endorsement-business expenses must be properly substantiated.

Playoff or Super Bowl bonuses can increase both taxable income and filing complexity. Multistate tax planning matters( consult a qualified tax professional.)

The ā€œshort-term rental loopholeā€ is actually an exception under Section 469ā€™s passive-activity rules: not an automatic t...
08/23/2026

The ā€œshort-term rental loopholeā€ is actually an exception under Section 469ā€™s passive-activity rules: not an automatic tax break.

A rental activity with an average customer stay of 7 days or less may not be treated as a rental activity for passive-loss purposes. An average stay of 30 days or less may also qualify when significant personal services are provided.

But qualification does not automatically make losses deductible against W-2 or business income. The owner generally must materially participate through real, documented involvement: not simply own the property. Track hours spent on guest communication, cleaning or management, repairs, and other activities.

Passive-activity, at-risk, basis, depreciation, and personal-use rules still apply. Before relying on this strategy, consult a qualified tax professional who can evaluate your specific facts and records.

Elite Tax and Consulting provides year-round tax planning for investors and business owners. Visit elitetaxandconsulting.com to connect with our team.

Purple and gold season is back at U.S. Bank Stadium! šŸˆ If the Vikings start 7ā€“0 and ticket values rise, selling your per...
08/22/2026

Purple and gold season is back at U.S. Bank Stadium! šŸˆ If the Vikings start 7ā€“0 and ticket values rise, selling your personal-use tickets may create a taxable capital gain.

The general calculation is:
Sale proceeds āˆ’ original ticket cost āˆ’ selling fees = taxable gain

Example: Buy tickets for $1,200, sell them for $2,000, and pay $200 in resale fees. Your taxable gain is $600: not $2,000.

Tickets held one year or less generally produce short-term capital gain, taxed at ordinary income-tax rates. Tickets held more than one year generally produce long-term capital gain. Personal-use ticket losses are generally not deductible.

Keep your purchase confirmation, payment record, resale settlement statement, all platform and transfer fees, acquisition and sale dates, and any Form 1099-K. Remember, Form 1099-K reports gross payments: not necessarily taxable profit: and a gain may still need to be reported even if you donā€™t receive one.

Tax rules depend on your circumstances. Consult a tax professional before filing. Elite Tax and Consulting is here to help. šŸŸ£

Address

3217 FIECHTNER Drive S SUITE A1
Fargo, ND
58103

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+17015947000

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