Insights & News

Some of our C and S Corporation clients are seeing significantly higher franchise taxes from the state of North Carolina for tax year 2016. In

Charitable donations usually can be deducted on Schedule A of Form 1040, along with other itemized deductions. You should have the required support materials, in

The obligation to submit expense reports of client dinners, special event attendance, traveling outside the town and so on is not entirely known to all

Stock market volatility has some investors thinking about putting some money into bonds, which historically have offered relatively stable prices. One key decision facing bond

The National Association of Realtors recently reported that the median sales price of an existing single family home was around $180,000 in late 2012. That’s

Deducting legitimate expenses for a home office isn’t easy, but it can be done. Millions of taxpayers (including self-employed individuals and business owners) claim such

The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions. In particular, no more than

Besides financial aid, specific tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax

A staple in retirement planning is the search for “your number.” That is, how much money do you need to accumulate in savings and investment

On October 26th, TJT employees gathered to make fleece tied blankets for Project Linus. Our 25 volunteers donated the material, money and time needed to

If you’re a business owner, your company might own an office building, a warehouse, or other property. Assuming your company has owned the property for

The Tax Cuts and Jobs Act (TCJA) of 2017 generally disallowed all deductions for business entertainment, amusement, and recreation. However, the TCJA did not specifically

Although traditional 401(k) plans have become widespread, many employers are adding Roth 401(k) s to their employee benefits. The relationship between these two types of

For regular C corporations, “reasonable compensation” can be a troublesome tax issue. The IRS doesn’t want shareholder executives to inflate their deductible salaries while minimizing

Business owners may need capital to support growth, and the money in their IRA can be tempting. Nevertheless, the pitfalls can be steep, as illustrated

The North Carolina Department of Revenue recently issued additional guidance regarding the sales tax treatment of real property contracts and retail sales of repair, maintenance,

In today’s low yield world, you’ll earn little interest by keeping your money in a bank account, a money market fund, or a high quality

A single, unified exemption is available to taxpayers for the estate and gift taxes. A taxpayer can use the exemption to offset otherwise taxable lifetime

From Canton, Ohio, where the Pro Football Hall of Fame Weekend takes place in August, to Los Angeles, which has Haunted Hayrides to celebrate Halloween

Moving money from a tax deferred retirement account to a potentially tax-free Roth IRA usually will trigger income tax. That won’t always be the case,