Are you ready to start preparing for the tax season? If you haven’t already started, now is the time to get organized. Taxes can be confusing, especially if you don’t have a good understanding of them. That’s why it’s important to hire a CPA firm who knows their way around taxes. At Steward, Ingram & Cooper, PLLC, we provide tax planning and preparation for individuals, businesses, and nonprofits in Durham, NC.
Our Tax Preparation and Planning Services
At Steward, Ingram & Cooper, PLLC, we have a wide range of services that we can offer for individuals and businesses in Durham. We specialize in tax planning and preparation for individuals and businesses, . We have a variety of services that we can offer, and we’re here to help you get the most out of your taxes.
Business Taxes
We offer business tax planning and preparation services to clients throughout Durham. Whether you need assistance with your payroll, sales taxes, or any other type of business-related tax issue, we will work hard to ensure that you receive the best service possible.
Personal Taxes
Our primary focus is on taxpayers with more complex tax issues. These may include multi-state returns, foreign taxes, timing and tax consequences of company stock options or tax-deferred exchanges.
Estates and Trusts
If you own property, whether real estate, stocks, bonds, or other investments, we can help you plan for future events. We can assist you in establishing trusts, wills, and other legal documents that protect your assets from creditors and family members.
Nonprofit Filing
If you run a nonprofit organization, we can help you file your Form 990 on time and correctly to ensure you keep your tax-free status.
Choosing an Experienced Tax Preparation and Planning Company
Working with an accountant to assist you with your taxes can help save you time and effort, and save you the stress come tax season. Steward Ingram & Cooper, PLLC have provided comprehensive tax and accounting services since 2000 to a variety of clients throughout Durham and the Triangle.
Tax Planning: Frequently Asked Questions
What is tax planning?
With tax planning you’ll need estimates about how much each expense will be so we can figure out which ones are worth claiming as deductions and when those might apply; plus there could be more than one choice depending what type(s) of filing status you will file under.
What types of tax planning services do you provide?
Our CPAs and tax preparers work to provide you with the most reliable, trusted tax planning services in Durham, NC. We work with businesses, individuals, non-profit organizations, and those needing estate planning services.
What can a tax preparer do for me?
At Steward Ingram & Cooper, PLLC, we are dedicated to providing tax preparation services that go beyond filing end-of-year tax returns. Our clients rely on us to provide year-round planning as well as assist with unresolved tax issues from previous years and creating solutions to make smart financial decisions moving forward. Our tax preparers are experienced in resolving tax issues, navigating audits, and in finding deductions and credits that benefit our clients.
Can I deduct tax preparation fees in NC?
In certain cases you can deduct tax preparation fees for your North Carolina business, but this deduction is not for everyone. For example, you cannot deduct tax fees on personal returns. However, if you are self-employed, this expense is considered an “ordinary necessity” and can therefore be deducted. Click to learn about more scenarios in which you can deduct tax preparation dues on your tax return.
What’s the difference between a tax deduction and a tax credit?
A tax deduction reduces your taxable income and thus, reduces how much of your income can be taxed. Mortgage interest and student loan interest are deductions that would reduce your taxable income.
A tax credit gives you a specific amount off of your tax bill. The child tax credit is $2,000 per child under the age of 17 who you claim as a dependent, thus, no matter how much your taxable income is, you will immediately pay $2,000 fewer dollars in taxes for each child under 17.
Are there penalties for late tax filing in North Carolina?
If you file your taxes late in North Carolina there will be a late fee. North Carolina charges a penalty of 5% per month, or partial month, up to a maximum of 25% of the total tax that is reported on that return. The state also charges a late payment penalty that is equal to 10% of the tax that is unpaid. The 10% penalty is going to drop from a flat 10% to a graduated penalty starting in 2023.
Can your tax planners help me with an IRS audit?
If you are unsure of how to handle an IRS audit, our tax preparers and CPAs can assist you with unresolved tax issues from previous or present times. If you need help with personal or business taxes, need to untangle an IRS problem from the past, or want to set up your future for financial security, we can help.