Insights
Tax Efficient IRA Withdrawals
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,...
Deducting Charitable Gifts
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:...
TJT Human Resources Services
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. ...
Kristen Hoyle named to NCACPA Board of Directors
TJT partner Kristen Hoyle was recently nominated to serve a three year term on the Board of Directors for the North Carolina Association of CPAs. Jared Plummer, a member of TJT's audit team, is just finishing up his three year term on the Board. We recognize them...
Deducting Interest Paid
Among the itemized deductions on Schedule A of Form 1040, you’ll find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest you paid last year on credit card debt...
The IRS May Put You on Hold
During the tax preparation season, business owners, individual taxpayers, and CPAs may have questions for the IRS. If you need to call the agency, be prepared for a long wait. Increased tax code complexity plus budget cuts have resulted in frustrating experiences for...