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 close your doors. To help you navigate how unemployment insurance is affected by COVID-19 and what it means for your business, our CPAs in Raleigh […]

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 out your file cabinet. Is it safe to go ahead and throw out the tax returns from 2012 or should you keep them for a […]

What Is the Consistency Principle

Your financial statements are key to showing the state and solvency of your business. In the event that you want to take out a loan, go public with your company, or look for investors so you can expand, your financial statements and accounting needs to be reviewed. This gives lenders and investors a clear, accurate […]

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 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 […]

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 and depend on particular facts and circumstances. What Counts as a Medical Expense? One tax deduction that may be available is for medical expenses. The […]