Deductions

Year-end Letter

Click here to read our Year-end letter that outlines the various tax issues to take into consideration before December 31. Please contact our office with any questions or concerns. Go back to our website Advertisements

Standard Mileage Rate Increase for 2013

The IRS has announced that the optional mileage rates used to calculate the deductible expense of operating an automobile for business, charitable, medical or moving purposes will increase by 1 cent in 2013. Effective January 1, 2013, the following rates will apply: – 56.5 cents per mile for business miles driven – 24 cents per […]

New for 2012: NC business income deduction on your personal return

We would like to remind you about the NC business income deduction available for years beginning after 12.31.2011 on personal returns. The new law allows a deduction from federal adjusted gross income, as reported on the NC return, for net non-passive business income of up to $50,000. For a joint return the deduction applies to […]

Deducting Computer Software

Deducting computer software can be confusing as it may be acquired in different forms such as a disc or a download from the internet. As a result, the treatment of software for tax purposes can vary depending on circumstances. Check out our reference to help answer your questions on this deduction. Go back to our […]

Deduct those contributions the right way!

Have you ever had questions on how to deduct charitable contributions? Perhaps, you were not able to write off a contribution because you forgot to get that donation receipt…if you have questions, we’re here to help! Our experienced staff has put together this handy resource to┬áhelp you remember the correct steps to take when recording […]

Important: Information that churches & non-profit organizations need to know

Good morning, Many of our clients & friends perform work within the community through churches and other non-profit organizations. The following is imperative information from an actual tax case regarding charitable deductions that affects all churches and non-profit organizations and any taxpayers that claim charitable contribution deductions: Taxpayers claimed a charitable contribution deduction primarily made […]