Approach conservation easements with caution

Donating large tracts of land to a charitable organization in exchange for a sizable tax deduction sounds like a win-win, but is it? We are hearing of more and more partnerships or LLCs becoming involved in syndicated conservation easement transactions, in which the partnership or LLC purchases land for the purpose of donating the property […]

April 1 deadline for RMD from retirement accounts

It’s nearing that time again for the deadline to take required minimum distributions from retirement accounts. April 1, 2020, is the deadline for those who turned 70 ½ in 2019 to take their required minimum distribution from their IRA and workplace retirement plans. The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE […]

Is it time to look at your interest rates?

As owners of your business, it is important to keep a watchful eye on interest rates and the differences between fixed and variable rates. With the reinvestment needs of your business continually increasing, loan balances and the interest you pay increase as well.  Reducing these loan payments can help with your cashflow. Right now there […]

If your kids are off to day camp, you may be eligible for a tax break

Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is a qualified expense under the child and dependent care credit, […]

Hurricane Florence victims in N.C. given more time to file taxes

In the aftermath of Hurricane Florence, the IRS has extended tax filing deadlines for those individuals and businesses in certain parts of North Carolina. Much of coastal North Carolina is suffering from flooding in the aftermath of the storm that made landfall on Sept. 14. Many roads remain underwater or blocked by downed trees. The […]

Go green: Save tax by saving energy at home

“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three benefits, you need to buy and install certain types of renewable energy equipment in the […]

State and local taxes could impact where you retire

The beach? The mountains? The country? Where is your retirement dream home?  Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be […]

Putting your child on the payroll this summer makes more sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By shifting some […]

Be aware of the tax consequences before selling your home

In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]

Sending your kids to day camp may provide a tax break

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit. This includes camps that specialize in a particular activity, such as baseball, soccer, computers, etc. This does not include school- and […]