What Taxpayers Can Do Now Before Filing Their Return in 2018

Report name changes. Married or divorced taxpayers who change their name should notify the Social Security Administration. They should also notify the SSA if a dependent’s name changed. Taxpayers need to do this so that when the taxpayer files next year, the new name on the tax return matches. A mismatch between the name on […]

Tips for Business Owners to Reconstruct Records After a Disaster

After a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursements. Here are four tips for businesses that need to reconstruct their records: To create a list of lost inventories, business owners can get copies of invoices from […]

Taxpayers Should Be Wary of Unsolicited Calls for the IRS

Taxpayers who get an unexpected or unsolicited phone call from the IRS should be wary – it’s probably a scam. Taxpayers who don’t owe taxes or who have no reason to think they do should follow these steps: Use the Treasury Inspector General for Tax Administration’s IRS Impersonation Scam Reporting web page to report the […]

Tax Relief to Victims of Hurricane Harvey & Irma; Extension Filers Have Until January 31 to File

Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file individual and business tax returns and make certain tax payments. This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses extensions that run out on Sept. 15. The IRS will […]

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 […]

Tips on How to Handle an IRS Letter or Notice

Do not panic. Simply contact Pamela L. Nickles at Expert Tax Solutions, pln@experttaxsolution.com or 336-907-3384. Do not ignore the letter. Respond timely. If a notice indicates a changed or correct tax return, review the information and compare it with your original return. Taxpayers must respond to a notice they do not agree with. There is […]

A Parent Cannot Be a Noncustodial Parent if He Lives With the Custodial Parent

A taxpayer married. Their relationship was described as “on-again, off-again.” At some point, the taxpayer and his wife were again separated and undergoing divorce proceedings. On his tax return, the taxpayer claimed a dependency exemption deduction for his children, earned income tax credit, the child tax credit, and the head of household filing status. The […]

2017 Standard Mileage Rate:

Business rate per mile                              $0.53 Medical and moving rate per mile         $0.17 Charitable rate per mile                            $0.14 Depreciation rate per mile                        $0.25   Vehicle Expenses and Office in Home: In general, the cost of commuting from home […]

Market Reform and HRAs

HRA: A health reimbursement arrangement (HRA) is an employer sponsored plan that reimburses the cost of qualified medical expenses incurred by the employee. Similar to n accountable plan, the employee submits receipts to the employer for proof of medical costs, and the employer reimburses the employee for such costs up to a maximum dollar amount […]

Is It Really The IRS At Your Door?

The Internal Revenue Service has created a special new page on IRS.gov to help taxpayers determine if a person visiting their home or place of business claiming to be from the IRS is legitimate or an imposter.   IRS employees do make official, unannounced, visits to taxpayers as part of their routine casework. Visits usually […]