529 Plans: Refunds for University Expenses
In response to COVID-19 restrictions, some universities are issuing partial refunds for the semester. These refunds could be associated with expenses such as room & board, meal plans, and/or tuition. A complication exists if a withdrawal was made from a... Read More →
New 2020 Tax Reference Guide
We have updated our Tax Reference Guide for the 2020 tax year. Highlights of new tax limits include: New Elective Deferral limits to 401(k), 403(b) & 457 plans Below age 50 – $19,500 Age 50 and over – $26,000 New... Read More →
Qualified Charitable Distributions from IRAs
Jay H. Krall, Attorney at Law Making Qualified Charitable Distributions (“QCDs”) from IRAs is a great way to reduce your taxes while achieving your charitable giving goals. Unlike traditional gifts of cash or stock to charities, QCDs don’t create a... Read More →
Annual Tax Reference Guides
View our Tax Reference Guides for previous tax years along with our updated guide for the 2020 tax year. Contact our office with any questions you may have. 2020 tax year 2019 tax year 2018 tax year
Personal Records Retention Policies
Good recordkeeping can make your life easier. While record retention policies are often geared towards businesses, your personal files should also be kept safe and well organized. When creating your retention policy, you should consider state and federal statutes of... Read More →
Tax Efficient Methods of Making Charitable Gifts
Who This Applies To: Traditional IRA owners who are at least 70 1/2 Benefits to you: Making your charitable gifts directly from your IRA can result in three possible benefits Reduction in taxable income A decrease in the taxable portion... Read More →
New Tax Law Changes the Math for Roth Contributions
Who this applies to: Those individuals that make supplemental contributions to 403(b) and 457 retirement plans Benefits to you: Designating contributions as Roth can potentially lower taxes in three ways Paying taxes now at a lower rate than might be... Read More →
UNC System Employees: Are You Aware of the Benefits of Roth Accounts?
From the advisors at Collegiate Capital Management, Inc. The UNC System and the state of North Carolina have embraced recent Roth-related changes to the IRS code. UNC System employees can now designate contributions to three supplemental retirement accounts (SRAs) as... Read More →
NC Bailey Patton Directive PD-00-1
Directive Subject: Bailey v. State of North Carolina; Emory v. State of North Carolina; Patton v. State of North Carolina Tax: Individual Income; Tax Law: G.S. 105-134.5 and G.S. 105-134.6 Issued By: Personal Taxes Division Date: May 19, 2000 Number: PD-00-1... Read More →
NC Bailey Patton Directive PD-04-1
North Carolina Directive No. PD-04-1, 08/23/2004 Date Issued: 08/23/2004 Tax Type(s): Personal Income Tax Subject: Bailey v. State of North Carolina; Emory v. State of North Carolina; Patton v. State of North Carolina Tax: Individual Income Tax Law: G.S. 105-134.5... Read More →