Defense of Marriage Act (DOMA)

posted in: Marriage | 0

The U.S. Supreme Court held that Section 3 of the Defense of Marriage Act, which required same-sex spouses to be treated as unmarried for purposes of federal law, was unconstitutional.   The IRS will recognize as married for federal tax … Continued

2014 NC Tax Changes

posted in: Tax Changes | 0

Beginning in 2014, there will be many changes to North Carolina taxes. Here are some highlights: * Flat individual tax rate of 5.8% (5.75% after 2014) * No personal exemption deduction * Increased standard deduction Joint was $6,000 will be … Continued

Health Insurance Market Place

posted in: Insurance | 0

The health insurance marketplace is open.  You can visit healthcare.gov to shop for health insurance plans.  You could qualify for lower costs based on your household size and income.  Plans cover essential health benefits, pre-existing conditions, and preventive care.  If … Continued

Taxpayer Relief Act

posted in: Taxpayer Relief | 0

INDIVIDUAL INCOME TAX RATES   For tax years beginning after 2012, the 10%, 15%, 25%, 28%, 33% and 35% tax brackets from the Bush tax cuts will remain in place and are made permanent. This means that, for most Americans, … Continued

2013 Tax Brackets

posted in: Tax Brackets | 0

Beginning in 2013, the tax brackets are 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.  For most taxpayers, their tax rates will be similar to the 2012 rates. However, the new tax bracket of 39.6% will affect taxpayers with taxable … Continued

NC Business Deduction

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$50,000 business deduction for NC businesses  Ends in 2013 For tax years beginning in 2012, a new law provides a deduction in calculating North Carolina taxable income equal to “an amount not to exceed $50,000 of net business income the … Continued

Affordable Care Act

posted in: Affordable Care Act | 0

Tax changes under the Affordable Care Act   Increased Medicare taxes on high-income taxpayers. Under current law, wages are subject to a 2.9% Medicare payroll tax. Workers and employers pay 1.45% each. Self-employed people pay both halves of the tax. … Continued

Year End 2012 Planning

posted in: Uncategorized | 0

Year-end tax planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals will be snared by the alternative minimum tax (AMT), and various deductions and … Continued