The 2018 Year-End Year-Round Tax Planning Guide provides tips for lowering your 2018 personal and business income taxes. Many of the strategies discussed in the tax planning guide must be implemented before the end of the year.
Most nonprofits must annually file a Form 990 with the Internal Revenue Service. This form must be reviewed and approved by the Board of Directors. The Form 990 should then be signed by a member of management.
As a nonprofit, the receiving and tracking of your donations is vitally important, both from a revenue standpoint and for nurturing donor relationships. But did you realize the IRS and the North Carolina Charitable Solicitation License Section of the Secretary of State’s Office both require specific information in the acknowledgments you provide to your [...]
Business structure matters. If you plan on starting a small business, you will have to choose how it will be legally organized. This decision has been made a little more complex as a result of federal tax law changes made by 2017's Tax Cuts and Jobs Act (TCJA). In fact, even owners of companies [...]
The Patient-Centered Outcomes Research Institute was established under the Affordable Care Act and is funded by fees on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans. These fees are often referred to as PCORI Fees. The PCORI Fee applies to specified health insurance policies and applicable self-insured health [...]
If you're in business for yourself, you know how challenging it can be to run your business and keep on top of your tax situation. Read this article for a refresher on the tax rules you need to be aware of if you're a self-employed sole proprietor or are thinking of becoming one. Income [...]
Tax deductions aren't the only things to consider when looking for ways to reduce your 2018 tax bill. There are a number of tax credits that you may be able to claim. A tax credit reduces your tax liability dollar for dollar (and, in some instances, may be fully or partially "refundable" to the extent [...]
In determining North Carolina taxable income, the starting point for corporations is federal taxable income, while individuals use federal adjusted gross income (AGI). Read this article to learn about the impact recent federal tax legislation may have on your North Carolina income tax return. For both corporations and individuals, the reference to federal law [...]
On February 9, 2018, President Donald Trump signed into law the Bipartisan Budget Act of 2018. The legislation includes many extenders for previously expired tax provisions for both individuals and businesses. While many of the extenders are targeted to specific industries and areas, this article focuses on some of the main provisions for individuals [...]
Don’t let the hustle and bustle of the holiday season keep you from exploring ways to minimize your 2017 income-tax liability. Waiting too long can prevent you from using planning moves that can help reduce your tax bite. Save More, Pay Less Increasing your pretax contributions to an employer-sponsored retirement plan may help you [...]