Article Highlights: Economic Impact Payments What Rebates Are Based Upon Non-Filers Get My Payment Auto-Deposit and Addresses Family Makeup & Income IRS Q&A The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.”  However, not everyone who was expecting one has received theirs, and some may not be the amount…

United States Small Business Administration (SBA) Paycheck Protection Program – Small and midsize employers (generally those with 500 or fewer employees), sole proprietors, independent contractors, self-employed individuals and gig workers are eligible for the Paycheck Protection Program. If eligible you can borrow two and a half times your average monthly payroll expense up to a…

Due to the Coronavirus the IRS moved the filing deadline for individual tax returns from April 15th to July 15th. To our clients that already dropped of tax documents, we will continue to work diligently to prepare your tax returns as quickly as possible and will keep you informed of the progress. We are experiencing…

Due to concerns over the Coronavirus, the IRS extended the deadline to pay individual income taxes related to the 2019 tax year by three months. Normally these taxes are due April 15th however this year the deadline has changed to July 15th. Please note that tax returns are still due on April 15th, so if you…

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…

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…

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…

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…

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…

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…