Should Couples Choose Married Filing Separately or Jointly?
What’s the difference between married filing separately and married filing jointly, and which should you choose? We’re breaking down the difference.
Do I Have to Pay Taxes on Stocks?
You know that any income you earn, whether it’s from a job, rental property, or business venture, is taxed by the IRS, but what about stocks and bonds? While any profit you make from stocks is taxed, it’s somewhat different than earned income. To help you understand capital gains and dividends, our CPAs in Raleigh […]
4 Advantages to Creating a Trust
Trusts may seem like some vague financial dealing reserved for the extremely wealthy, but that’s actually not the case. Trusts can be a financially advantageous part of your estate planning to ensure your assets and property are divided how you see fit. To help provide clarity on this complex financial matter, our CPAs are sharing […]
Understanding Deductible Expenses After PPP Loan Forgiveness
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 […]
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 […]
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.