Families with dependent children are seeing the Child Tax Credit payments hit their bank accounts or arriving in the mail this week. Designed to reduce child poverty, ease some of the financial burdens caused by COVID-19, and stimulate the economy, these payments allow parents and caregivers to receive half the child tax credit in monthly […]
If you’ve received an inheritance, whether it’s property, money, or investments, your first question or concern is probably related to taxes and whether you’ll end up owing the government after the loss of a loved one. The good news is that most people don’t need to worry about inheritance and estate taxes, but there are […]
It’s never too early to start planning how to reduce your tax burden. We’re sharing the best tax breaks for 2021 to help you get started.
We are sharing some simple steps you can take to plan your finances in a way that will minimize your tax burden and leverage tax breaks.
What’s the difference between married filing separately and married filing jointly, and which should you choose? We’re breaking down the difference.
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 […]
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 […]
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 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 […]
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 […]