Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. What kinds of records should I…
Tax-related identity theft occurs when someone uses your stolen personal information, including your Social Security number, to file a tax return claiming a fraudulent refund. If you suspect you are a victim of identity theft, continue to pay your taxes and file your tax return, even if you must file a paper return. Know the…
Taxpayers who use their home for business may be eligible to claim a home office deduction. It allows qualifying taxpayers to deduct certain home expenses on their tax return. This can reduce the amount of the taxpayer’s taxable income. Here are some things to help taxpayers understand the home office deduction and whether they can…
All taxpayers should use the new TAX WITHHOLDING ESTIMATOR to do a paycheck update. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. The money withheld from an employee’s paychecks throughout the year should cover the amount of tax they owe. Taxpayers who haven’t…
Although the April filing deadline has passed, scam artists remain hard at work, and the IRS today urged taxpayers to be on the lookout for a spring surge of evolving phishing emails and telephone scams. The IRS is seeing signs of two new variations of tax-related scams. One involves Social Security numbers related to tax…
The IRS has 9 tips for picking a tax preparer: 1. Check the preparers qualifications-our partners and managers are all experienced CPA’s with valid PTIN numbers from the IRS. 2. Check the preparers history-our CPA’s all hold valid and active licenses, 3. Ask about service fees-our fees are based on time to prepare the return.…
Started a new business this year or are you just not sure about your tax situation? Now is the time to review your finances with someone who has the training and knowledge, before the beginning of next year. After the beginning of next year, it may be to late to take the steps necessary to…
The TCJA repealed the deduction for business entertainment. This includes expenditures such as taking clients to sporting events and shows and paying for season tickets for various entertainment events. Since these items are no longer deductible, it is very important to have your company’s internal accounting set up appropriately. We can help you identify these…
You may have heard a lot of talk in the news about a new deduction for “pass-through” income, but it’s actually available for qualified business income from a sole proprietorship (including a farm), as well as from pass-through entities such as partnerships, LLCs, and S corporations. Under the TCJA, individuals may deduct up to 20%…
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the deduction for personal exemptions. If you typically claim the standard…
Zebulon Boys and Girls club is distributing free food Saturday 10/20/18 starting at 8am.
The Zebulon Christmas parade is set for this Sunday at 2:00 PM. We look forward to seeing you there. Look for our float highlighting the important role of the Boys & Girls Club of Zebulon. As we move closer to the end of the year, make sure you’re year-end planning is up to date and…
Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida can receive certain individual and business concessions. Read more
Social Security Benefits will increase by only .03% for 2017. For the average recipient, this cost-of-living increase amounts to an average of about $5. Read More
The Dept. of Education lists 11 common mistakes many parents make when completing the FAFSA and pursuing those all important scholarship and grant funds for their student. Few things create the angst of that annual FAFSA application. Both parents and college students know it’s necessary, but it is seldom a painless process and you worry about…
We often get questions about the home office deduction. In this link from Accounting Today, the Illinois CPA society has offered a number of helpful tips to help you be sure you’ll be able to realize the full value of the home office deduction. Read more…
PMP would like to welcome four new employees who have recently joined us. Eric Mahaney, David Messinger, Kevin Quinn and Tina Yoogin are all part of our growing audit team. We are delighted they are on board and, in fact, they have already hit the road providing great service to our clients. Tina and Kevin are…
Don’t forget those estimated tax payments are due June 15th. Also, be sure to record that you made your payment. Many clients come in and tell us, “I think I made all those payments,” only to be reminded by the IRS or the State that, in fact, they did not. If that happens it could…
In order to allow our employees to spend time with their families and enjoy the summer, we will be closing at noon on Fridays. Thank you for the privilege of serving you.
Time is running out to get those taxes done without an extension. Only three weeks left before this year’s April 18th deadline. Give us a call today and we should still be able to get your returns completed in time.
Do you travel for business? For many, work equals out of town trips. If this describes you, there may be some good news for you this year. While IRS mileage rates may have dropped from last year, last fall, the IRS released it’s new per diem rates for 2016. In general, the daily rates go up…
First there were the reports of tax scam artists making phone calls to individuals threatening them with immediate and severe consequences if they didn’t pay up (a practice that still continues by the way). Now there are reports of scammers actually showing up at someone’s door with fake credentials, asking for immediate payment to be…
We have two new CPA’s at PETWAY MILLS & PEARSON, PA PMP would like to congratulate Jessica Murphy who was recently recognized having earned her CPA license. Jessica is a Senior Accountant who works primarily with our audit group. She often works with municipalities and non-profits. Way to go, Jessica. Steve Evjen recently learned that he…
The Treasurer Inspector General for Tax Administration is urging taxpayers to be on “high alert” about a massive telephone fraud scam being committed by criminals impersonating IRS employees. Read More
Tomorrow the income tax filing season opens. The IRS anticipates 150 millions returns this year. It’s a great reminder that the sooner you complete your return, the sooner you get your refund. PMP is now taking appointments where you can meet with one of our CPA’s to discuss your individual or corporate taxes.
PMP is delighted to announce the arrival of two new staff accounts. Welcome Marco Gianni and Leianne Forde. Our clients will be well served and will enjoy working with each of them.
Don’t forget, those payments are due by September 15th. If your circumstances have changed, give us a call to review your payment schedule.
An IRS attorney has confirmed that most donations to personal fund-raising websites are generally not deductible because they are earmarked for a single person or a small group. (Example: www.gofundme.com where an individual or family sets up a site to assist with medical costs or to help a family who lost a home in a…
We are very excited to announce a new Raleigh location. The address is 9121 Anson Way Suite 200. It is less than 5 miles from Crabtree Mall so it is convenient for our existing Raleigh clients and we are less than 2 miles from I-540 off Six Forks Road. Parking is convenient and close to the…