News & Tips

Choosing a tax preparer – Visit this page on the IRS website for 10 tips to help you choose a tax preparer.

Personal Tax OrganizerCLICK HERE

Self Employed Business Tax OrganizerCLICK HERE

Rental Property OrganizerCLICK HERE

Dependent Support Worksheet – Use this worksheet to determine if you can claim your older children on your tax return.
(click here to view/download)

Business Mileage Log & Guidance – The 2017 Federal standard mileage rateas are as follows: 53.5 cents per mile for business, 17 cents per mile for medical and moving, and 14 cents per mile for charitable services. This log (click here to download) can be downloaded and printed to keep track of your business mileage. You will also find guidance on deducting business mileage.

Home Office Deductions – For information on what's deductible and how to claim it, click HERE

Have an LLC in NC? – Then you need to file an Annual Report with the Secretary of State by April 15. It's quick and easy to complete this online. CLICK HERE to navigate to the NC Secretary of State website and search for your company by name. Click on your company's name in the resulting list. On the next page, click the link "File an Annual Report" located at the top of the next page. On the next page, click the blue "File Most Recent Annual Report" box. Enter/confirm the required information on the following pages. Make changes as necessary. Once all information has been entered and confirmed, submit the report and choose "Checkout" to pay the annual filing fee. Save the confirmation of your filing and payment

2016 & 2017 Retirement Plan Contribution Limits – See the table below.

Year IRAs Simple 457 401(k),
403(b),
and
SARSEP
Defined Contrib. Plan & SEP Defined Benefit Plan Comp. Limit Stock Bonus & Profit Sharing
2016 $5,500 $12,500 $18,000 $18,000 $53,000 $210,000 $265,000 25%
2017 $5,500 $12,500 $18,000 $18,000 $54,000 $215,000 $270,000 25%

 

For Employers – See below for links to employer payroll forms

Form W-9 – Must be completed by contractors you use in your business. You must furnish contractors with a Form 1099-MISC if you pay them more than $600 during the year.

Form W-4 – Must be given to employees upon hiring. Used to calculate Federal income tax withholdings.

• Form NC-4 – Must be given to employees upon hiring. Used to calculate NC income tax withholdings. Most employees can use Form NC-4EZ. The second link here contains the full NC-4.

Employee or Contractor? Proper classification of the people performing business services for you is critical.
   Click HERE for the IRS guidelines in making the determination.

Tax Deadlines

  • Jan 31 – IRS Deadline: Employer forms due (W2s, 1099s, etc)
  • Feb 15 – Documents and information needed to prepare Partnership and S-Corporation returns due to Deborah
  • Mar 15 – IRS Deadline: Partnership and S-Corporation returns due
  • Mar 27 – Documents and information needed to prepare Individual, Trust and C-Corporation returns due to Deborah
  • Apr 15 – LLC Annual reports to NC Secretary of State due
  • Apr 18 – IRS Deadline: Individual, Trust and C-Corporation returns or extensions due

Deborah Fleischman, CPA PLLC   •   Holly Springs, NC   •   (919) 434-5409   •   Deborah@FleischmanCPA.com

Website designed and maintained by Get Visual Business Solutions, Holly Springs NC  •  www.getvisualcarolina.com