Workers under age 70 1⁄2 can deduct contributions to a traditional IRA, as long as they are not covered by an employer’s retirement plan. The same is true for those workers’ spouses. If these taxpayers are covered by an employer plan, they may or may not be able to deduct IRA contributions, depending on the […]
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Leave a Comment (0) →Medicare, the federal government’s health insurance program for people 65 and older, has four parts (see Trusted Advice,“ABCDs of Medicare”). Although Medicare offers good value to many seniors, high-income Medicare enrollees can pay over $5,000 a year for Part B, whereas high-income couples on Medicare can pay over $10,000 in annual premiums. For that money, […]
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Leave a Comment (0) →Some people may think of prenuptial agreements as asset protection vehicles for wealthy individuals who are about to be married. When a wealthy individual gets engaged, a “prenup” can help safeguard the assets that individual brings into the marriage from passing to the future spouse in the case of a subsequent death or divorce. Beyond […]
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Leave a Comment (0) →Phishing attacks from malicious hackers are becoming more prevalent in an age where we exchange information and data electronically through email. Given the sensitive nature of their businesses, law offices and CPA firms are natural targets for phishing attacks. Please be aware of this possibility and the steps you can take to protect yourself from […]
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Leave a Comment (0) →As you may have heard, this past Friday hundreds of thousands of computers worldwide became infected with a computer virus known as “WannaCry” (or “WannaCrypt”). This virus spread rapidly due to a vulnerability in Microsoft Windows that was patched in March of this year. This virus combined several smaller attacks together to create a devastating […]
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Leave a Comment (0) →The North Carolina Department of Revenue recently issued additional guidance regarding the sales tax treatment of real property contracts and retail sales of repair, maintenance, and installation services to real property. This update includes a list that provides general guidance to assist with making a determination as to whether a transaction is a real property […]
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Leave a Comment (0) →Some of our C and S Corporation clients are seeing significantly higher franchise taxes from the state of North Carolina for tax year 2016. In 2015, the legislature passed House Bill 97 which made significant changes to North Carolina’s tax structure. As part of those changes, House Bill 97 eliminated the taxpayer’s ability to use […]
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Leave a Comment (0) →Today’s world is becoming more and more electronically driven and individual tax payments are no exception. In response, the Internal Revenue Service as well as the North Carolina Department of Revenue have developed online payment systems which allow taxpayers to pay estimated tax payments, amounts due with return filing, extension payments or even amounts due […]
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Leave a Comment (0) →Traditional defined benefit plans, structured to provide a lifelong pension, have become rare in the private sector. They’re still the norm for public sector employers; some large companies continue to offer plans. Ironically, these plans might be a good fit for extremely small companies. A possible prospect could be a business or professional practice with […]
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Leave a Comment (0) →Thomas, Judy & Tucker is proud to announce the promotion of Thomas R. Crawford Jr. to the position of Tax Partner. Thomas has been with the firm since 2012. His primary focus is on commercial construction contractors, manufacturing/distribution companies and clients working in real estate and land development. Thomas has expertise in complex transactional work, […]
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