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How to File Your Tax Return Early This Year

We know the usual reasons to file early. 1. Faster Tax Refund 2. Extra Time to Pay Taxes You Owe 3. Prevent Identity Theft 4. Avoid Extension But, HOW do you file your return early when there are so many factors outside of your control? The IRS, NCDOR, and delayed or incorrect tax documents are

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Merry Christmas!

Let’s just say that 2018 was busy! From studying the Tax Cuts and Jobs Act to catching clients up after Hurricane Florence, our office has been working hard. We are forever grateful for your friendship, referrals, and business this year. We could not be successful without you. From all of us at Michael R Holden, PLLC,

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End of Year Tax-Savings Moves for Individuals

Although the New Year is almost here, it’s not too late to start thinking about end of year tax-saving moves. Solve Under-Withholding Problems Employees might find out that they have not withheld enough from their paychecks during 2018. An underpayment penalty could mean that your taxes were under-withheld from your paycheck, or you failed to

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New IRS Publication 5307 Helps Taxpayers Prepare for Tax Reform

Publication 5307 On November 5th, 2018 the IRS released Publication 5307, Tax Reform Basics for Individuals and Families to help taxpayers navigate the myriad of changes introduced by the Tax Cut and Jobs Act (TCJA). The  TCJA has resulted in being the largest tax overhaul in decades. Publication 5307 clarifies several areas of the TCJA and

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Most Meals Continue to be Deductible as IRS Clarifies New Tax Law

On Wednesday, October 3rd the IRS clarified that taxpayers may continue to deduct 50% of the food and beverage related to running their business. Tax Cuts and Jobs Act Confusion Under Section 274 of the Tax Cuts and Jobs Act, the IRS denies business deductions generally related to entertainment, recreation, or amusement. What was not

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Tax Relief for Victims of Hurricane Florence in North Carolina

*Update 9.25.2018- According to Moore County Public Safety FEMA-4393-DR-NC Amendment #02 added the counties of Hoke, Hyde, Johnson, Lee, Moore, Pitt, Richmond, Scotland and Wilson for Individual Assistance (IA) and assistance for debris removal and emergency protective measures (Categories A and B), including Direct Federal Assistance (DFA), under the Public Assistance (PA) program.   Victims of Hurricane

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Deductions Under The New Tax Law

Deductions might be the most significant change in the new tax law for taxpayers. This article will help you anticipate how the increase in the standard deduction and elimination of current deductions will impact your family. What is a deduction? A deduction reduces the amount of your taxable income. You may choose between the standard

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How do you reach a real person at the IRS?

Let’s be clear, no one likes to call the IRS. Not even your CPA enjoys calling the IRS. With that said, there are very helpful people at the IRS. People who are happy to work with you to get the best possible outcome given your situation. But, if you decide to call the IRS out

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