For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred. Unlike other taxes, property tax assessments are based on the estimated value of the property, and thus, are subject to varying opinions. Businesses that fail to take a proactive approach in managing their property tax obligations may be missing an opportunity to reduce their tax liability. Below are 10 common property tax myths, and the truths that counter them.
Quite a few counties in North Carolina are reassessing property tax values in 2019. Does your business have locations in Catawba, Durham, Iredell, Randolph, or Rockingham counties? If so, you may want to have us take a look at your values and see if there could be savings found as a result of your reassessment.
Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its fourth week of a partial shutdown, which includes much of the Internal Revenue Service (IRS). Indeed, although the IRS is working with a skeleton staff of excepted employees, most employees are not working during the shutdown. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.
If you provide parking for your employees, you may be impacted by a provision in the 2017 Tax Cut and Jobs Act that eliminates the deduction for qualified transportation fringe benefits. This change will impact both for-profit and not-for-profit organizations, but each in their own different way.
Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability with these breaks, but you need to act soon.
With the holiday season approaching, thoughts turn to presents for the family. Toys? They already have too many. Sweaters? Practical, but maybe a little too practical. Consider a few financial gifts that might fit the bill.
Businesses of all sizes, across all industries, have been impacted by the monumental changes to the federal tax code. To maximize tax savings and ensure compliance with the new rules, businesses need to engage in year-end planning conversations now. Certain tax savings opportunities may apply regardless of how your business is structured, while others may […]
What is the impact of tax reform on your individual tax situation? Now, more than ever, we urge you to consider year-end planning to take advantage of opportunities and be ready for how the changes will affect your tax bill going forward. 2018 year-end tax planning begins with a projection of your estimated income, deductions […]