Effective July 1, 2011, the North Carolina sales and use tax rate is scheduled to be reduced by 1% in all counties. As a result, the combined general state and local tax rate will be reduced from 7.75% to 6.75% in most counties. However, there are a few counties that have a higher combined sales and use tax rate. For a full listing of county rates and retailer reporting requirements visit the…Read More
Residents of many North Carolina counties impacted by the severe weather (i.e., storms, tornadoes, and flooding) that took place on April 16, 2011 may be eligible to qualify for tax relief from the IRS if their county was declared a federal disaster area. Residents of such counties automatically have until June 30, 2011 to file their 2010 individual income tax returns, make income tax payments, and make 2010 contributions to an IRA without being subject to late filing penalties.
Added by Lauren Massie, Tax Specialist on June 16, 2011 at 10:30am — No Comments
What is an EIN (Employer Identification Number) and who needs one? An EIN is the equivalent of a Social Security Number for businesses. Just about all businesses are eligible to apply for an EIN; however, not all businesses need an EIN. In general, your business must apply for an EIN if you answer “yes” to any of the following questions:
• Do you have employees?
• Do you operate your business as a corporation or a partnership?
• Are you required to file Employment, Excise, or…
Added by Lauren Massie, Tax Specialist on May 25, 2011 at 9:00am — No Comments
The corporate tax deadline for most corporations is March 15th! Hopefully this date did not sneak up on you corporation (regular and S-Corp) business owners! If so, don’t fear - an automatic 6-month extension is here!
Meanwhile you are at it, you may want to consider extending your personal income tax returns if you don’t think you will have your corporate returns done prior to April 18th.
Note that an extension applies to the time you have to file…Read More
Added by Lauren Massie, Tax Specialist on March 14, 2011 at 8:30am — No Comments
Happy Friday! Did you know that the federal government and many state governments deposit tax refunds on Fridays? Check out the Simply Taxes, LLC blog for other interesting tax facts!
Added by Lauren Massie, Tax Specialist on March 4, 2011 at 9:00am — No Comments
So what exactly does one have to do in order to qualify to write-off expenses for the business use of the home? And what expenses qualify for the deduction?
First, in order to qualify for the deduction, part of the home must be used:
• Exclusively and regularly as the principal place of business,
• Exclusively and regularly as a place to meet or deal with patients, clients, or customers in the normal course of the trade or business,
• In the case of a separate structure which…
If so, don’t forget to go ahead and deduct the interest. See the highlights of this benefit below. Visit the Simply Taxes, LLC blog for more tax savings tips!
Added by Lauren Massie, Tax Specialist on January 26, 2011 at 6:30pm — No Comments
Added by Katrina M Harrell-Biz Strategist on November 4, 2010 at 5:19pm — No Comments
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WINNERS ANNOUNCED NOVEMBER 1ST!
We had a great turnout for our first contest and are posting the winners here! Thanks to all who submitted entries! If you haven't had the chance to enter this contest…Read More
Added by Laurice Hewitt: Tax Accountant on June 28, 2010 at 7:00am — No Comments
Picture it – Your Business, LLC, April 14th 20-“you pick the year”. Business is doing relatively great, you’re riding high on the small business/self-employed cloud, there is some cash in the bank, your clients are moderately happy, and you’ve managed to replace your 9 to 5 income. Not so bad for not…Read More
Added by Katrina M Harrell-Biz Strategist on June 18, 2010 at 2:56pm — No Comments
Added by Laurice Hewitt: Tax Accountant on February 28, 2009 at 9:03am — No Comments