TurboTax® vs. a CPA – Why You Should Consider Hiring an Accountant
When it comes to choosing options for tax preparation and filing, you can either do them yourself, use TurboTax® or hire an accountant. Fewer people are choosing to do their own taxes, so most likely, the choice comes down to choosing a tax software or a CPA, so which one is the right option for […]
Tax Guide on Home Office Deduction
If you use part of your home for business, you may be able to deduct expenses for a home office. This year, due to the COVID-19 pandemic, many people are working from home, so this information is relevant for the 2020 tax year. The IRS has specific rules to qualify for home office deduction and […]
5 Tips for Retirement and Good Living
Most of us dream of retirement – a time of your life when your hard work pays off and you can leave the rat race behind for a time of peaceful leisure. In order to have that dream retirement, you have to be prepared financially so you’re not thrown into financial stress or having to […]
How to Maintain the Bookkeeping for Your Small Business
Running a small business means you’re taking on dozens of roles just to keep up with daily operations. Too often, things that aren’t immediately necessary get pushed to the side and forgotten, and this usually includes your bookkeeping. Then, when you need to track down financial information or you hit a slow period with your […]
Americans Receiving Unemployment Benefits May Owe the IRS
The COVID-19 pandemic has caused millions of people to be out of work and seek unemployment benefits to assist during this extremely difficult time. Jobless benefits have been critical in keeping people afloat. But, as tax preparers, we are concerned that many recipients of these benefits may not be aware that this money is considered […]
IRS Announces “Dirty Dozen” Tax Scams for 2020
It’s unfortunate but criminals use crises as the time to increase their attempts to scam the unsuspecting and vulnerable. Any national crisis, such as the COVID-19 pandemic, creates an atmosphere of fear, making people more susceptible to scams. Criminals use this time to get personal financial information and steal your money. The IRS has announced […]
CARES Act: Key Tax Provisions for Businesses & Individuals
With COVID-19 forcing business closures and massive unemployment, the U.S. government sought to mitigate the negative financial effects as much as possible by passing a stimulus package for individuals, small businesses, and corporations. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the House of Representatives and the Senate, and was signed into law […]
NC Department of Revenue & IRS Tax Updates due to Coronavirus
The effects of COVID-19 (coronavirus) are widespread. Even those who are healthy are missing work, missing school, and having their lives rearranged. In order to provide relief during this time, especially for those who are unable to work, both state and federal departments of revenue are changing some of their policies, and we wanted to […]
Understanding Tax Preparation Fees
With tax time just around the corner, you’re probably about to start getting your paperwork in order, tracking down receipts, and doing everything you can to minimize any tax payout you may be facing. If you want assistance with your business or personal taxes for 2019 but you are worried about tax preparation fees, you […]
Estate Planning For Digital Assets
Digital technology has seen great advances in recent years which has drastically changed estate planning for many people. It is important for individuals to think about digital assets when considering planning for the future. Most people only consider physical assets when they are planning their estate for the future, but now it is important to […]