Durham Personal & Small Business Tax Preparation

When individuals complete their tax return on their own, they often miss deductions and credits that could otherwise save them money. Without the help of an experienced accounting professional, anyone is capable of making simple errors.

tax preparation durhamToday’s tax laws can be difficult to understand and require extensive knowledge of the system in order to avoid overpaying. Unless your finances are fairly simple, you could be missing out on many of the tax-cutting benefits available.

At C.E. Thorn, CPA, PLLC., we have extensive knowledge of the tax system and know what to look for on your return. We have over 20 years experience and work with hundreds of individuals and small businesses that trust us with their financial well-being. Our goal is to help you become more financially stable while, providing financial education and assistance throughout the year.

The tax law has tax-cutting advantages available for investors, individuals, and small business owners alike. Due to the difficult language in the tax laws, you may not actually know what you are required to pay, and what deductions are possible.

In order to prepare you for your next filing, we have compiled a list of helpful tax savers that could make the difference during your next filing.

Individual tax preparation checklist:

  • Roth IRA
  • Rollover to Roth IRA
  • Tax-deductible IRA
  • Child tax credit
  • Income shifting to children
  • Child care credit
  • Earned income credit
  • Lifetime gifts
  • Education savings accounts
  • Education expenses
  • Hope scholarship credit
  • Lifetime learning credit
  • Bunching deductions
  • Flexible spending accounts
  • Health savings account
  • Donating appreciated assets instead of cash
  • Qualifying property for personal residence gain exclusion
  • Best filing status
  • Shifting income or deductions from year to year
  • Adoption expense credit

Investor tax preparation checklist:

  • Tax-free municipal bonds
  • Long-term capital gains and dividends
  • Rental property
  • Tax-free exchange
  • Low-income housing credit
  • Small business stock rollover

Small businesses tax preparation checklist:

  • Home office deduction
  • Keogh plan
  • SIMPLE plan
  • SEP
  • 401(k) plan
  • First year expensing of business equipment
  • Bonus depreciation
  • Year-end bonuses
  • Bad debt write-off
  • Disabled access credit
  • Other business tax credits
  • Tax-free exchange

Get the Answers to All Your Tax Questions!

Our Durham Certified Public Accounting firm is available to help you with any financial questions you may have. Contact us or call 919-420-0092 for a consultation to see how we can help you with your tax saving strategy.

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