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Deduct home office expenses – if you’re eligible
Today it’s becoming more and more common to work from home. But just because you have a home office space doesn’t mean you can deduct your home office expenses. Eligibility to deduct home office expenses If you are an employee, your use of your home office must be for...
File early to avoid tax identity theft
If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s...
The IRS May Put You on Hold
During the tax preparation season, business owners, individual taxpayers, and CPAs often have questions for the IRS. If you need to call the agency, be prepared for a long wait. Increased tax code complexity plus budget cuts have resulted in frustrating experiences...
Substantiating Charitable Contributions
In order to substantiate monetary charitable contributions, you must have either a bank record of the contributions or a written acknowledgement from the organization. Cancelled checks are the easiest way to substantiate your contributions. Unsubstantiated cash...
They’re back! Depreciation breaks extended
For much of this year, uncertainty surrounded whether Congress would extend relief in the area of depreciation-related tax breaks. On December 18, clarity finally arrived with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here’s a...
Congress passes PATH act, revives expired tax breaks
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on...
7 last-minute ways to save taxes
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability and save taxes — but you just must act by December 31: Pay your 2015 property tax bill that’s due in early 2016. Make your January 1 mortgage payment. Incur...
Verify your charity before making a donation
Donations to a qualified charity are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. But before you donate, it’s critical to make sure the charity...
The 529 plan: A tax-smart way to fund college expenses
If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some states do offer tax incentives for contributing, North Carolina does not as of the date of this article.)...
Should you “bunch” medical expenses into 2015?
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income....
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