Updated Economic Impact Payment Information
While the majority of Americans who received an Economic Impact Payment received it via direct deposit, there are around 4 million people who are still waiting and have questions. To help minimize confusion and clear up questions you may have, our accounting firm in Raleigh is working to bring you up to date information. Economic […]
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 […]
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 […]
Using The IRS Withholding Calculator to Determine Amount Withheld
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 […]
Can Doing a “Paycheck Checkup” Save On Your Taxes?
Avoid a hefty tax bill at the end of the year by doing a “paycheck checkup” and go over your withholding taxes and other factors.
Beware Criminals Posing as the IRS
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.
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 […]