How to Protect Yourself from Tax Scams this Tax Season

Each year, while in the midst of tax season, taxpayers in North Carolina are warned to be wary of criminals posing as tax agents that carry out different scams. However, with every tax season comes increasingly sophisticated tax schemes, resulting in more and more reports of tax scams each year. In fact, according to a […]

6 Reasons Small Business Owners Need to Hire a CPA this Tax Season

Each year, millions of taxpayers around the country take it upon themselves to navigate through the complexities of tax preparation. However, attempting to prepare one’s taxes without assistance is very similar to attempting to perform surgery on oneself without proper training. This does not apply as much to individuals with simple income tax returns and […]

Charitable Giving Changes with the New Tax Law

When the Tax Cuts and Jobs Act was signed in late 2017, it did not remove the deduction for cash and appreciated assets for nonprofit agencies. National and local nonprofits let out a collective ‘sigh of relief’ knowing donations for 2018 will remain but may look different. Exactly how different?

Why Should I Be Checking My Federal Income Tax Withholdings?

Over the last few weeks, the IRS has been issuing news releases stating that employees should check their withholding…soon. There seems to be a lot of urgency in these notices, don’t you think? While it’s always good to check your withholdings from time to time, the IRS almost seems nervous about 2018 withholdings. Find out why.

Do I Need to Claim My Dependents on My 2018 Tax Return?

The Tax Cuts and Jobs Act passed on December 22, 2017 made many changes to individual taxes beginning in 2018. One of those changes was the elimination of a deduction for personal exemptions and replacing it with a higher standard deduction.

The question becomes, if I don’t get a deduction for my dependents, is there any reason to list them on the return? The answer is: absolutely yes.

Choosing a Successor for Your Family Business

If your retirement is approaching, it’s time to consider who you may choose as a successor. It can be a daunting decision because of the amount of trust that you are placing in the person you choose. If you run a family business, it is important to separate your opinions as a family member from […]

Attorney Denied Car and Truck Expense Deduction

Here’s a real-life example of why having the proper documentation is very important for claiming automobile expenses and mileage on your taxes. Learn about how to meet the substantiation/documentation requirements required by the Internal Revenue Code on our blog here. “An attorney was not entitled to deduct unsubstantiated car and truck expenses because he failed […]