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by john.broadfoot@tjtpa.com | Dec 17, 2014 | Blog
On December 16, 2014, the Senate passed a bill to extend a package of expired or expiring individual, business, and energy provisions known as “tax extenders.” The bill, H.R. 5771, known as the “Tax Increase Prevention Act of 2014,” extends the...
by john.broadfoot@tjtpa.com | Dec 10, 2014 | Blog
Many business owners structure their companies as S corporations or limited liability companies (LLCs). On the surface there are several similarities. Both types of entities avoid corporate income tax. Instead, business income is taxed only once, on the tax return of...
by john.broadfoot@tjtpa.com | Dec 2, 2014 | Blog
Owners of regular C corporations face double taxation. The company’s profits are subject to the corporate income tax. If some of those profits are paid to the owner and other shareholders, as nondeductible dividends, the same dollars will be taxed again, on the...
by john.broadfoot@tjtpa.com | Nov 5, 2014 | Blog
Besides donating appreciated securities to charity, another solution for avoiding highly taxed capital gains on these securities is to transfer the relevant assets to a family member in a lower tax bracket. The recipient might be able to sell and pay little or no tax...
by john.broadfoot@tjtpa.com | Nov 2, 2014 | Blog
Due to the rising costs of health coverage, employers have shown interest in helping employees pay for individual health insurance policies instead of offering an employer sponsored plan. In response, on Nov. 6, 2014, the Departments of Labor (DOL), Health and Human...
by john.broadfoot@tjtpa.com | Nov 2, 2014 | Blog
As always, savvy planning in the last quarter of the year can pay off in lower taxes next year when you file your return. Some tax planning is fundamental: most people will benefit by accelerating tax deductions into 2014, while deferring income into 2015. Yet, there...
by john.broadfoot@tjtpa.com | Oct 7, 2014 | Blog
The law that requires North Carolina income tax to be withheld from payments made to nonresidents for personal services has been amended to also require withholding on payments to ITIN contractors beginning January 1, 2010. We have seen an increase in audits where...
by john.broadfoot@tjtpa.com | Oct 1, 2014 | Blog
Save substantially. Invest your savings wisely. The conventional wisdom holds that this is the way to accumulate a nest egg for your retirement, and the conventional wisdom is right on the money. However, you probably won’t always have earnings to invest. At some...
by john.broadfoot@tjtpa.com | Sep 10, 2014 | Blog
Under federal law (and under the laws of most states), retirement plans such as IRAs enjoy some protection in bankruptcy proceedings. Does that same protection apply to inherited IRAs? The issue has been disputed in many court cases in recent years with mixed...
by john.broadfoot@tjtpa.com | Sep 1, 2014 | Blog
As the world shrinks, business owners may find themselves traveling to foreign destinations. Often, such trips are vital, leading to personal visits with suppliers and potential customers. Ideally, you’ll be able to deduct all your travel costs, but that may not be...
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