Insights
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...
End of Year Charitable Tax Planning
The end of the year typically is a time for making charitable donations. If that’s your practice, consider contributing shares of appreciated stocks or stock funds instead of cash. As long as the shares have been held longer than one year, you’ll get a full tax...
Tax Law Changes for North Carolina Income Tax Withholding
The North Carolina legislature recently made changes to the withholding law which are designed to increase tax compliance and help the North Carolina department of revenue combat tax refund fraud. The changes affect the manner in which Form NC-3 and the Department’s...
Capital Expenditure Safe Harbor Threshold Increased from $500 to $2,500
On November 24, 2015, the IRS increased the de minimis safe harbor threshold from $500 to $2,500 effective January 1, 2016. The safe harbor rules allow taxpayers to deduct from current year taxable income amounts spent to acquire, produce or improve tangible...
Social Security Benefits Seminar
Thomas, Judy and Tucker, in conjunction with Weston Banks Wealth Partners, will be hosting a free seminar on "Making the Most of Your Social Security Benefits" in the TJT offices on November 19th . The seminar will begin at 9:00 a.m. and coffee and breakfast pastries...