Standard Deduction vs. Itemized Deductions

Jon Weaver Tax Central

As taxpayers filed their taxes in 2018 many who itemized deductions in years past found the standard deduction to be more advantageous. The reason for this was two-fold. The new tax laws greatly increased the standard deduction and greatly reduced or eliminated many of the itemized deductions. This one-two punch resulted in about 10% of taxpayers itemizing in 2018 versus …

The Time is Here – Form 1099

Jon Weaver Tax Forms

Attention business owners! It is almost time to file your 1099’s for certain payments you made during the 2019 tax year. Who needs to file Form 1099? Any business that pays a non-employee individual $600 or more for their services must file. On a separate note, your employees are issued a Form W-2 which is totally separate from and not …

The 179 Deduction

Jon Weaver Tax Central

Highlights of this blog: 179 is a tax-related expense that allows a business to quickly write off the cost of certain assets The maximum IRS deduction for 2019 is $1,000,000 The maximum North Carolina Department of Revenue deduction for 2019 is $25,000 179 is available even if the business takes out a loan to pay for the asset Do not …

IRS Penalties and Interest

Jon Weaver Tax Problems

There are numerous rules that taxpayers must follow to prevent incurring penalties and interest. Below you will find a breakdown of some of the more common violations. There are many others that are not mentioned, so you may incur penalties and interest even if you satisfy the conditions described below. One of the most expensive penalties is Failure to File. …

Self-Employment Tax

Jon Weaver Tax Central

If you are a partner in a Partnership or and individual that files Schedule C, you need to be aware of Self-Employment Tax. The IRS charges the tax to fund Social Security and Medicare, and it is similar to withholdings shown on an employee W-2. The IRS wants to prevent a partner or Schedule C filer from getting around paying …

What is Schedule C?

Jon Weaver Tax Forms

Schedule C is used by many small businesses to report annual revenues and expenses. It is one of many schedules that may be included with your Individual Income tax return (Form 1040). In other words, you can own and operate a business and do not have to file a totally separate tax return for the business. If a business is …