What We Say
Your Weekly ReadBusiness owners: When it comes to IRS audits, be prepared
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the audit...
Smart options for investing in tax-deferred accounts
In a previous article, we discussed whether you should pay off credit card debt or save for retirement. In that article, we discussed contributing enough to your employer’s retirement plan to earn a full match on your contributions, then tackling your high interest...
Real estate professional vs. investor: Why it matters
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are...
Hire your children to save taxes for your business and your family
It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax...
Want to help your child buy a home? Don’t wait!
Mortgage interest rates are still at low levels. But they likely will increase as the Fed continues to raise rates. So if you’ve been thinking about helping your child buy a home, consider acting soon. There also are some favorable tax factors that will help: 0%...
Operating across state lines has potential tax risks and rewards
It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible...
Choosing between a calendar tax year and a fiscal tax year
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense....
Turning next year’s income tax refund into cash now
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year....
Now is a great time to purge old tax records
Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it’s a great time to take a look at your...
Do you know the tax implications of your buy-sell agreement?
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are...
Washington, NC 27889
Business Hours:
Monday-Thursday
8:00 AM - 5:00 PM
Friday
8:00 AM - 12:00 PM
Saturday-Sunday
Closed