- Charitable GivingPer the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), and new for 2020, taxpayers may deduct up to $300 of charitable contributions if claiming the standard deduction. Eligible contributions must be made in cash to an IRS approved and qualified organization. Further, the TCJA (Tax Cuts and Jobs Act of 2017) raises the contribution base from 50% to 60% of income for years beginning after 2017. You will have to still need to be able to itemized deductions to take advantage of the increased income limitation.
- Tax Services
- Roth IRADifferences between traditional IRAs and Roth IRAs include 1) Roth IRA contributions are not tax deductible 2) the ability to contribute to a Roth is subject to certain income limit restrictions, and 3) you are not required to take minimum distributions from a Roth at age 72 as you are with a traditional IRA. Maximum Roth contributions are subject to the same dollar limits as a traditional IRA described above. The ability to contribute to a Roth in 2020 begins to phase out when income exceeds $196,000 for married filing jointly, and $124,000 for single and head of household filers.
- Income TaxYou may elect to have federal income taxes withheld from your social security benefits by contacting the Social Security Administration. North Carolina does not tax social security benefits regardless of income.
- Tax DeferralI prepare individual, corporate, partnership, and tax-exempt returns for clients throughout the year. The great majority of my clients’ returns are filed on a timely basis. I take the time to listen to clients’ concerns, needs, and problems and work efficiently to resolve their issues to the best of my ability. Clients have the opportunity to review any returns before filing and ask questions of me to make certain we’re filing an accurate and complete return. Where possible, I will always file returns electronically as this reduces errors taxing authorities may make and results in quicker refunds. I’m always prepared to discuss legitimate tax-saving or tax-deferral opportunities and methods that may relate to a clients’ particular set of circumstances and goals. I hope to hear from you if I can help you with your taxation needs.
- Accounting ServicesIt seems that Quickbooks has become the favorite accounting software for small businesses everywhere. I have been coaching and assisting clients for years in Quickbooks set-up, maintenance, and trouble-shooting problems. While the program is certainly popular, it does help greatly if you have a background in bookkeeping and understand some basic accounting. If you’re in over your head, have minimal interest, or simply don’t have time to learn as much as you’d like, play to your strengths, and let me help you as often you feel you need assistance. It’s always better to address problems on a timely basis as they occur, rather than wait till the end of the year and realize it’s going to be time-consuming and expensive to get your bookkeeping to make sense and be meaningful.
- Payroll ServicesI do not operate a payroll service. There are a number of competent payroll processing firms locally and nationally who I can refer you to, who would love to be of service to you. However, if you’d prefer to process your payroll yourself, I’d be happy to help you get started by filing the appropriate applications and registration forms if you like. If you’d rather prepare the payroll reports yourself as well, I’m available to coach you to get your reports prepared properly and timely.
- Bookkeeping Services