We encourage you to contact us and just ask if we can help. It seems that everyday we encounter people who are in the midst of a crisis. Oftentimes it is tax or financial related. What many people do not realize is that we have collected a wealth of free information and make it available …
Tougher Rules For Claiming the Child Tax Credit
A number of changes went into effect this year as a result of the Protecting Americans from Tax Hikes (PATH) Act of 2015 and other recent legislation. One of the changes added tougher compliance rules for those claiming the Child Tax Credit.
NC Sales Tax on Labor
Effective March 1, 2016, NC will begin to charge sales tax on labor. It is a complicated process to determine if sales tax applies to a specific transaction. First, it only applies to those businesses considered in “retail trade.” And, it only applies to services considered repair, maintenance, or installation services.
Avoiding Probate: Is It Worth It?
When you die, your estate goes through a process that manages, settles, and distributes your property according to the terms of your will. This process is governed by state law and is called probate. Probate proceedings fall under the jurisdiction of the probate court (also called the Surrogate’s, Orphans’, or Chancery court) of the state …
When Your Home is Not a Principal Residence
“Houston, we have a problem.” Who could ever forget those famous words as one catastrophe after another unfolded for the astronauts in the movie, Apollo 13? After considering a recent client related situation, it hit me – America, we have a problem! OK, I know that’s the number one topic these days – the problems …
What You Should Know about Inherited IRAs
The rules governing inherited IRAs can be complicated. Here are the major issues. Transferring inherited IRA assets If you inherit an IRA from someone who isn’t your spouse, your options are fairly limited. You can’t roll the proceeds over to your own IRA, treat the IRA as your own, or make any additional contributions to …
Donating a Building to the Local Fire Department – A Few Things You need to know
Suppose you have an old house on your property, but you would really like to tear it down and build a new one. The demolition will cost $10,000 and you just really do not want to spend the money. A good friend offers you advice, or maybe the idea just pops into your head. I will …
Individual Federal Tax Return Deadline (It’s NOT 4/15/2016)
For 2016, the individual tax filing deadline is not Friday April 15 as you might think. It is actually Monday, April 18. Why? As it turns out, April 15 is a legal holiday in Washington, DC – Emancipation Day. Therefore Federal individual returns and Form 4868 automatic extension requests are not due until Monday, April 18. …
What kind of business financing do you need?
It goes without saying that financing takes time, which is not the most convenient factor when your business needs working capital- fast. Before putting a loan package together, straightening up your company’s financials, and researching your lender, there’s one major question to answer…WHAT KIND OF FINANCING DO YOU NEED? Every industry has different needs, so …
Estate Planning: Asset Protection
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care providers, credit card issuers, business creditors, and creditors of others. To insulate your property …