tag:blogger.com,1999:blog-36478434455692190172012-03-03T16:57:40.878-05:00A service provided by the professionals at Smith Miller & Buff, CPA, PAAdminnoreply@blogger.comBlogger121100tag:blogger.com,1999:blog-3647843445569219017.post-44187557518528830022012-03-03T16:44:00.000-05:002012-03-03T16:46:20.899-05:00

Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness:1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of

SMBhttp://www.blogger.com/profile/00280000505893787502noreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-61103614536586763232012-02-07T11:07:00.000-05:002012-02-07T11:07:08.353-05:00

Couples who filed joint returns must now file separate powers of attorney

SMBhttp://www.blogger.com/profile/00280000505893787502noreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-15537325556721025752011-06-22T09:09:00.005-04:002011-06-22T09:17:54.110-04:00

The NC House and Senate enacted the 2011-2012 budget on Wednesday, June 15, 2011 despite the veto from Gov. Beverly Perdue. The $19.7 billion budget contains several changes affecting NC tax law. The NC state sales tax will be cut by 1% on July 1, 2011. In addition, the temporary surtax on corporate and individual income taxes will expire. The full text of the House Bill 200 (now Session Law 2011

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-58128788461004280282011-06-06T11:11:00.005-04:002011-06-06T11:26:19.016-04:00

Now that tax season is over, you might think, “what can I do to make this process easier?”. There are many approaches to handling the myriad of paperwork we face every day, but you have to find the one that works for you. Some people like to keep everything related to their monthly bills, while others throw out all but the most important items. I believe there needs to be a happy medium.No matter

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-29148197383750978162011-05-23T09:14:00.002-04:002011-05-23T09:17:37.182-04:00

The NC Department of Revenue reminded taxpayers on Friday May 13 that the State sales and use tax rate is scheduled to decrease on July 1. The announcement is posted on the NC Department of Revenue website. However, July 1 is still several weeks away, so don't reprogram your cash registers yet! The NC General Assembly could still enact legislation to extend the higher tax rate. Legislation has

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-24564744732247874092011-05-06T12:20:00.002-04:002011-05-09T08:23:41.218-04:00

The Roth IRA has been around for more than a decade, so why have you been hearing so much about it over the last year? Before 2010, taxpayers with AGI, or Adjusted Gross Income, over $100,000 were not allowed to convert or to roll over funds from traditional (deductible or non-deductible) IRA accounts or certain employer-sponsored retirement plans (ex. 401(k) plans) to a Roth account. For 2010

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-25296355681262891372011-03-18T08:56:00.006-04:002011-03-18T09:12:29.733-04:00

On March 17, 2011, Gov. Beverly Perdue signed legislation that would accept some, but not all, of the changes created in the federal tax law by the 2010 Jobs Act and the 2010 Tax Relief Act, both enacted in late 2010. Below is a summary of the provisions of the new law.With this new law, the 2010 depreciation rules are different for NC income tax purposes and federal income tax purposes. It is

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-72285092557670424752011-03-01T15:08:00.003-05:002011-03-01T15:14:53.515-05:00

On March 1, the NC State Senate will discuss S.B. 94, which would accept, for North Carolina income tax purposes, several provisions of the recently enacted federal tax legislation. However, several provisions are not expected to be accepted. Check back for future updates on this important tax development.--- Smith Miller & Buff, CPA, PA team________________________________________Legislation has

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-24702533178049631442011-02-27T20:32:00.003-05:002011-05-06T12:24:20.118-04:00

The Roth IRA has been around for more than a decade. For 2010 and later, Congress removed the income and filing status restrictions on conversions to Roth IRAs. This caused a flurry of interest in Roth IRAs and their tax advantages.The current tax law prevents higher income people from depositing directly into a Roth account (for example, married taxpayers with AGI [Adjusted Gross Income] over

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-41667529158181050752011-02-12T08:38:00.001-05:002011-02-12T11:46:29.955-05:00

You have your W-2, your tax deductions are all identified and you are hoping that a big refund is in your future. You rush to your tax preparer or your computer. Not so fast! Depending on your situation, filing your return early this year might cost you money. Why? Late year tax law changes.Congress was so late in enacting some new tax laws that the IRS and state governments are working hard to

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-50045681463505422462011-02-12T08:37:00.001-05:002011-02-12T11:48:01.610-05:00

It’s official. The IRS has given everyone an extra weekend to file your taxes this year. Returns normally due on April 15, 2011 will now be due on April 18, 2011. The reason? The District of Columbia’s Emancipation Day holiday will be observed on April 15 this year.On their website, the NC Department of Revenue announced on February 1 that they will follow the federal due date for certain returns

Adminnoreply@blogger.comtag:blogger.com,1999:blog-3647843445569219017.post-46159049767111672462011-02-12T08:28:00.000-05:002011-02-12T08:41:39.501-05:00

In case it wasn't difficult enough to raise a child or care for an aging family member, you have to navigate a maze of exceptions in the US tax code to figure out if you can claim someone as a dependent. Terms like "qualifying child" and "qualifying relative" are enough to make anyone's head spin.There are some general factors listed in the tax code to consider when determining if you can claim

Adminnoreply@blogger.com