News & Tips

Personal Tax ChecklistClick Here

Self-Employed Business Tax ChecklistClick Here

Rental Property ChecklistClick 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.)

Business Mileage Log & Guidance – The 2020 Federal standard mileage rates are as follows: 57.5 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 in this file.

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.)

2019 & 2020 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
2019 $6,000 $13,000 $19,000 $19,000 $56,000 $225,000 $280,000 25%
2020 $6,500 $13,500 $19,500 $19,500 $57,000 $230,000 $285,000 25%

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.

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 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 17 – Documents and information needed to prepare Partnership and S-Corporation returns due to Deborah
  • Mar 11 – Documents and information needed to prepare Trust and C-Corporation returns due to Deborah
  • Mar 16 – IRS Deadline: Partnership and S-Corporation returns or extensions due
  • Mar 23 – 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 15 – IRS Deadline: Individual, Trust and C-Corporation returns or extensions due
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