How tax breaks work for homeowners Most income tax breaks for homeowners are tax deductions, which are reductions in your taxable income. The less of your income that is taxed, the less money you pay in taxes. When you file your tax return, you must decide whether to take the standard deduction – $12,950 for […]
What are 1031 Like-Kind Exchanges? It is an Exchange of Property used for business or held as an investment solely for other business or Investment Property that is the same type or “like-kind” and has long been permitted under the Internal Revenue Code. Generally, if the exchange meets the requirement of I.R.C. section 1031, the […]
On December 29th, 2022, the Consolidated Appropriations Act, 2023 included the Secure 2.0的行为. The Secure 2.0 includes many changes that include expanding coverage, increasing savings, and clarifying rules for retirement plans. The Secure 2.0 is one of the broadest pieces of legislation dealing with retirement plans in many years. Below are the key provisions […]
夏洛特, NC is the home to the Carolina Panthers, NASCAR Hall of Fame and the University of North Carolina at 夏洛特. With almost 1 million people, 夏洛特, North Carolina is growing rapidly. Highest Appreciating 夏洛特 Neighborhoods Since 2000 Neighborhoods in the 夏洛特 area have appreciated significantly over the last several years. Investing in real estate […]
Map of Opportunity Zones for 夏洛特, NC The Opportunity Zone Tax Benefit Two principal benefits are available to an investor in a Qualified Opportunity Zone Business after having recognized a substantial capital gain on an unrelated investment. Capital Gain The first benefit is that tax on the capital gain from the disposed original investment can […]
夏洛特, NC – Parsons CPA, PLLC is proud to announce the promotion of Jonathan B. Dean to Partner. Since joining Parsons in 2016, Jonathan has been a monumental impact to the firm’s client services and team leadership. He is highly regarded in the community for cultivating relationships with small businesses and professionals. With over 15 […]
IRS – Federal Returns Victims of Hurricane Ian that began September 28 in North Carolina now have until February 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today […]
There are several different types of retirement plans. Each of the different types of plans have different ways of contributing to your retirement savings. There are different benefits to each type of plan depending on outcome you are looking for with your retirement. Many retirement plans can produce significant tax advantages. Below is a description […]
Each year our situations and current legislation change. The decisions you make now can greatly impact the good and bad outcomes when tax deadline swings around again. Tax planning is essential to ensure you are properly paying your taxes while also having the lowest financial burden. Before you can start planning, you need to know […]
Renewable energy is becoming more accessible each day and so are the benefits. Did you know you could receive a tax credit or incentive for producing sources of renewable energy as an individual and as a business? Whether you install solar panels to your business or opt to drive an electric car, you may be […]