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by john.broadfoot@tjtpa.com | Jun 14, 2016 | Blog
The North Carolina General Assembly recently passed Session Law 2016-6 which stated that the North Carolina corporate and individual income tax laws generally follow the federal PATH Act of 2015. However, the NC law “decouples” from the federal tax law in several...
by john.broadfoot@tjtpa.com | Jun 12, 2016 | Blog
The recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS). Example 1: Nick...
by john.broadfoot@tjtpa.com | May 5, 2016 | Blog
The tax code includes Section 179, which permits first-year deduction (expensing) of amounts spent for business equipment. This provision formerly allowed annual deductions up to $25,000. After $200,000 of equipment outlays, the allowance phased out,...
by john.broadfoot@tjtpa.com | May 4, 2016 | Blog
Many people save for retirement by putting pretax dollars into an employer sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA, perhaps at retirement or after a change in jobs. An IRA rollover can maintain the tax deferral. Ultimately,...
by john.broadfoot@tjtpa.com | May 1, 2016 | Blog
Charitable donations usually can be deducted on Schedule A of Form 1040, along with other itemized deductions. You should have the required support materials, in case your charitable deduction is questioned. This article will cover the rules on cash contributions:...
by john.broadfoot@tjtpa.com | Feb 23, 2016 | Blog
Thomas, Judy & Tucker recently welcomed Lorilynn Spronk to the Outsourced Accounting Services division. This division of the firm provides a full-range of accounting and human resources (HR) services, customized to fit the specific needs of your business. ...
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