If your retirement is approaching, it’s time to consider who you may choose as a successor. It can be a daunting decision because of the amount of trust that you are placing in the person you choose. If you run a family business, it is important to separate your opinions as a family member from […]
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 […]
For a company, stagnant or declining profits are obvious indicators that trouble is on the horizon, but even if profits are rising, there is always room for improvement. Here are a few steps you can take to get on the road to improved profitability.
Effective January 1, 2018, North Carolina annual reports must be filed directly with the Secretary of State. Prior to 2018, North Carolina corporate annual reports could be attached to the income tax return. Payment of the annual report fee now has to be sent to the NC Secretary of State rather than the NC Department of Revenue.
There have been some changes to the retirement plan contribution limits for 2018. These changes allow for higher contributions and we encourage you to take advantage.
Do you remember: Owning a VCR? American Motors (Introducing the Gremlin, the Pacer and the Rambler)? M*A*S*H (the 4077th)? Manually signing a paper copy of your income tax return and mailing it to the IRS? Change happens! And the one thing that we can agree on is that we have a segment of the population […]
Every so often we hear a television pundit espousing the virtues of a flat tax system. They will say something like “all we need is a flat tax of 17%, or 18% or 19% and it will cover the nation’s budget”. The underlying fallacy of a flat tax system is the assumption that the primary […]
Many business owners assume they have hired honest and ethical employees. Even if you have hired honest and ethical employees you need to have anti-fraud controls in place. Sometimes even honest employees, when given the opportunity, will commit fraud. Every two years the Association of Certified Fraud Examiners (ACFE) conducts a comprehensive survey of fraud […]
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. One tax deduction that may be available is for medical expenses. The IRS defines a medical expense as […]
As we get closer to another tax return filing season here is a reminder of the documentation and substantiation requirements for a few common deductions. Charitable Contributions No deduction for cash donations is allowed unless you have bank records (canceled check or bank statement) or written acknowledgment from the charity documenting the contribution’s amount and […]