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…

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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…

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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…

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