Personal Tax Checklist – Click Here

Self-Employed Business Tax Checklist – Click Here
Check the Business Info page if any of the following apply to your self-employed business:
• Your business is an LLC.
• Your business hires contractors and/or employees.
• You drive your personal vehicle for business purposes.

Rental Property Checklist – Click Here

Who can I claim 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.)
See the FAQ page for information on whether your child needs to file a tax return.

Itemized vs. Standard Deduction – Taxpayers may take the higher of the standard deduction, or the sum of their itemized deductions. This determination is made on an annual basis and may change from year-to-year depending on events that happened during the tax year. The most common itemized deductions are mortgage interest, state income and real estate taxes (capped at $10K), and medical expenses exceeding 7.5% of AGI. The 2017 Tax Cuts and Jobs Act increased the standard deduction, making it higher than itemized deductions for many taxpayers. This Act is in effect at least through the 2025 tax year. Generally, the standard deduction will be most beneficial unless a taxpayer has high mortgage interest (from a newer home, or multiple homes, or a refinance) and/or unusually high medical expenses (from a chronic illness/condition, a major illness, injury or surgery, the purchase of expensive medical equipment, etc). However, you should discuss your specific situation with your tax preparer to determine the best option for you.
See the FAQ page for more information on deductible medical expenses.

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.)

Prior & Current Year Retirement Plan Contribution Limits – See the table below.

NOTE: Eligibility to make Roth IRA contributions starts to phase out when Modified AGI reaches $150K for Single and Head of Household filers, and $236K for Married Filing Jointly.

Year	Traditional IRAs	Simple	457	401(k), 403(b), and SARSEP	Defined Contrib. Plan & SEP	Defined Benefit Plan	Comp. Limit
2024	$7,000	$16,000	$23,000	$23,000	$69,000	$275,000	$345,000
2025	$7,000	$16,500	$23,500	$23,500	$70,000	$280,000	$350,000

 

Tax Info for Businesses

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.

A Form 1099 must be filed each year for individuals and unincorporated entities (including LLCs) to whom your business paid $600 or more for professional services, business services or rent. A Form 1099 must also be filed if your business paid an individual or unincorporated entity more than $10 in royalties.

PRO TIP: To protect your business from steep penalties related to noncompliance with Form 1099 rules, request a Form W-9 upon hiring/contracting with a person or unincorporated entity for business services. Do not pay them until you receive the completed and signed form.

For Employers – See below for links to employer payroll forms

• 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.

Business Mileage Log & Guidance – The 2024 Federal standard mileage rates are 70 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.

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 IN 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.)