With April 15th rapidly approaching, you’re probably gathering receipts and records and debating how your taxes will get done. You could go the DIY route with tax preparation software or take the less stressful route and work with a CPA firm in Raleigh. No matter which option you choose, you may be able to deduct […]
If you received a forgiven loan as part of the Paycheck Protection Program (PPP), it’s important to understand how this may affect your 2020 taxes, particularly your deductions. The IRS recently released Revenue Ruling (Rev. Rul.) 2021-02 which obsoletes Notice 2020-32 and Revenue Ruling 2020-27, and our small business CPAs are outlining what this rule […]
When you are doing your taxes, you probably have a folder of receipts or a digital drive of scanned copies, a log for travel mileage, and other ways to prove your expenses. Most tax payers assume receipts and a log is enough to prove your expenses, but often, the issue is more complicated. To help […]
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 […]
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 […]
Following the biggest set of tax law changes in over 30 years, the IRS continues to remind taxpayers to do a Paycheck Checkup to help make sure they are having the right amount of tax withheld. What Changes Were Made? The Tax Cuts and Jobs Act (TCJA), tax reform legislation enacted in December 2017, changed […]
Scammers posing as the IRS are making threatening phone calls and using email scams to scare taxpayers. Learn how you can tell the difference between a scam and something legit.
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.
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 […]
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 […]