Certified Public Accountant and Personal Financial Specialist, CPA/PFS
Posted on by David Tepper | No Comments
I have recently received several inquiries from individuals who are not North Carolina residents (i.e they live and work in another state), as to whether I am able to both file and complete their federal and state income tax returns. The short answer to this question is that YES, I am able to do this for residents of the 48 contiguous US states.
Posted on by David Tepper | No Comments
For tax years beginning after January 1, 2016 (i.e. returns that will be filed in 2017), there are several important changes that have been made to the due dates of various returns. The most significant change is that Partnership federal income tax returns (Form 1065 and the corresponding Schedule K-1s issued to the individual partners)
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Small business gets a filing and recordkeeping tax break, as the de minimis safe harbor property expensing threshhold gets raised from $500 to $2,500, for tax years beginning after January 1, 2016. This means that businesses will on an annual basis now be able to make the safe harbor election to expense all acquisitions of
Posted on by David Tepper | No Comments
The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile