Are Your Holiday Employee Gifts Tax Deductible?
When are holiday gifts for your employees considered tax-deductible? Our NC CPAs help plan for your holiday employee gift-giving and what types of gifts are tax deductible.
What Is Non-Taxable Income? A Quick Guide for 2022
Discover the different forms of non-taxable income and how you can benefit from this when you file your taxes.
What Is the Consistency Principle
Your financial statements are key to showing the state and solvency of your business. When you need to borrow money, look for investors for expansion, or take your company public, […]
COVID-19 Unemployment Insurance Information in North Carolina
As COVID-19 continues to spread through North Carolina, keeping people indoors and keeping your business closed or at reduced functionality, you may be having to lay people off or even […]
How Long Should You Keep Tax Returns and Business Records?
You know it’s important to hang on to your tax returns, receipts, and financial paperwork, but you also know there has to be a point when you can finally clean […]
Charitable Contributions Tax Law Changes
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.
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 […]
Sex as a Medical Expense?
Taxpayers are always asking their CPA what they can deduct to save on taxes. Some deductions seem pretty straight forward (home mortgage interest, charitable contributions, etc.). Others are much grayer […]
