Tax Planning

Higher Social Security taxes for many in 2017, small increase in benefits for recipients

From CCH tax news: The Social Security Administration (SSA) has announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 0.3 percent in 2017. The rates for Old-Age, Survivors and Disability Insurance (OASDI) and Medicare Hospital Insurance (HI) taxes will remain at a combined 7.65 percent in 2017. Because of the increase, […]

Finally, Tax Breaks coming for 2015

It appears that Congress will pass and the President will sign the “Protecting Americans from Tax Hikes” Act. For businesses, this will make permanent the $500,000 section 179 deduction and will extend bonus depreciation through 2019 as well as allow for a 15 year depreciation life for certain leasehold improvements and restaurant property. For individuals, […]

2015 Planning Issues for Individuals

Overlooked tax issues With the end of each year there are issues to be considered which vary with each individual’s circumstance.   Some overlooked issues are listed below. Retirement Distributions:  The requirement to take minimum distributions from retirement accounts begins the year a taxpayer reaches the age of 70½. This first distribution may be delayed but no […]

2015 Charitable Donations and NC Medical Deductions

Charitable Donations:   Donations must be made to a qualified IRS tax-exempt organization in order to be deductible. There is an on-line IRS tool (http://tinyurl.com/a72f74x) available to check the status of an organization. Churches will not be listed since they are automatically exempt. Donations to individuals are not deductible.  NC Taxes:  The NC 2015 personal […]

2015 Tax Issues – Continued

Additional year-end information for small businesses. Tangible Property Expensing: On November 24, the IRS raised the safe harbor threshold for expensing eligible capital acquisitions from $500 to $2,500. This increase applies to businesses that do not have audited financial statements. The threshold applies to any item that is substantiated by an invoice and is effective […]

2015 Tax issues

With only about seven weeks left until we turn the calendar to 2016, what do small business owners need to consider for the rest of the year and for 2016. Here are some items to think about: Sales Tax:  North Carolina changed its sales tax rules effective March 1, 2016, for repair services to be […]

Tax Breaks Finally

The Senate finally passed the 2014 Tax Extenders bill on December 16. Bill has significant benefits for businesses and individual taxpayers.