Taxpayer can protect themselves from scammers by knowing how the IRS communicates

Here are: some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact with taxpayers by email. The agency does not send text messages or contact people through social media. When the IRS needs to contact a taxpayer, the first contact is normally by letter delivered by the U.S. Postal Service. […]

Financial safety is an important part of disaster preparedness

Before a natural disaster strikes, taxpayers are encourage to prepare if possible. This includes putting financial safety measures in place. To help protect your financial safety in a disaster situation, taxpayers should: Update emergency plans– Strive to make this a yearly review Create electronic copies of documents– Taxpayers should keep this information in a safe […]

List of “Dirty Dozen” Tax Scams

List of “Dirty Dozen” Tax Scams Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers. Taxpayers are encouraged to refrain from engaging potential scammers online or on the phone. Here are the year’s “Dirty Dozen” scams: […]

Summer Activities Can Affect Next Year’s Tax Return

Summer Activities Can Affect Next Year’s Tax Return Getting Married: Report any name change to the Social Security Administration. Report and address change to the United States Postal Service, employers and IRS. Sending Kids to Summer Day Camp: Unlike overnight camps, cost of summer day camp may count towards the child and dependent care credit. […]

The New 20% Deduction for Pass-through Businesses

Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income. The deduction has two components: Eligible taxpayers may be entitled to a deduction of up to 20% of qualified business income from domestic business operated as a sole proprietor or through a partnership, S corporation, trust or estate. Eligible […]

Proposed regulations on new 20% deduction for passthrough businesses

The IRS issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction- -Section 199A deduction- – is available for tax years beginning after December 31, 2017. Eligible taxpayers can claim it for the first […]

Tips for Extension Filers

For taxpayers who have not filed: Taxpayers can still e-file returns For taxpayers owed a refund, get it direct deposited Taxpayers who owe taxes should consider using IRS Direct Pay, using a computer or mobile device Members of the military and those serving in a combat zone generally get more time to file. Military members […]

529 Plans

Like many states, the NC529 Plan is a tax-advantaged, state-sponsored education savings plan. NC’s 529 offers investment options covering a range of risk strategies, from conservative to aggressive. A 529 Plan lets you choose how and when to invest the funds. You can be as hands-on or as hands-off as you choose to be with […]