News & Tips
Self-Employed Business Tax Checklist – Click Here
Rental Property Checklist – Click Here
Who Qualifies as a Dependent? – If you’re providing support for someone and want to check your eligibility to claim them as a dependent, use this IRS tool:
(Click here to start.)
Business Mileage Log & Guidance – The 2023 Federal standard mileage rates are 67 cents per mile for business, 21 cents for medical and 14 cents for charity. This log (click here to download) can be downloaded and printed to keep track of your business mileage. There are also a variety of apps that can be downloaded on your phone to track mileage.
How do I value non-cash donations? – Non-cash donations should be valued at their fair market value. In other words, what would you expect to be paid for the item if you were selling it at a yard sale? The Salvation Army website has a helpful guide, as do some other charitable organizations.
(Click here to go to the Salvation Army’s valuation guide.)
2023 & 2024 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 |
|---|---|---|---|---|---|---|---|
| 2023 | $6,500 | $15,500 | $22,500 | $22,500 | $66,000 | $265,000 | $330,000 |
| 2024 | $7,000 | $16,000 | $23,000 | $23,000 | $69,000 | $275,000 | $345,000 |
Eligibility to make Roth IRA contributions start to phase out when Modified AGI reaches $138K for Single and Head of Household filers, and $218K for Married Filing Jointly.
Have an LLC in NC? – Make sure you file an Annual Report with the Secretary of State by April 15th. It’s quick and easy to complete this online. CLICK HERE to navigate to the NC Secretary of State website to find instructions for filing Annual Reports online. Failure to file each year may result in the dissolution of your business in NC.
Business Ownership Information Reporting – NEW FOR 2024! – Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
(Click here for more details and to determine if your company is required to report.)
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 $600 or more during the year for business services.
• 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 19 – Documents and information needed to prepare Partnership and S-Corporation returns due to Deborah
- Mar 22 – Documents and information needed to prepare Trust and C-Corporation returns due to Deborah
- Mar 22 – Documents and information needed to prepare Individual, Trust and C-Corporation returns due to Deborah
- Mar 15 – IRS Deadline: Partnership and S-Corporation returns or extensions due
- Apr 15 – LLC Annual reports to NC Secretary of State due
- Apr 15 – IRS Deadline: Individual, Trust and C-Corporation returns or extensions due