Opinions and News About Taxes Prepared and Selected by GP CPA Tax Experts
Tax Projections vs. Tax Planning: Why Knowing the Difference Matters
At GP CPA, we help business owners make informed financial decisions year-round—not just during “certain times” of the year.. One common point of confusion we encounter is the difference between tax projections and tax planning. While these two services are closely related, they serve distinct purposes and deliver very different outcomes.
Why We Use Relay Financial—And Why You Might Want to, Too
At GP CPA, we’re always on the lookout for tools that help small business owners save time, stay organized, and keep cash flow running smoothly. One of those tools? Relay Financial—and we don’t just recommend it, we use it ourselves.
Technology that GP CPA is currently using
We are approaching mid-year (for those of us on a calendar year…) and enough time has passed that we can reflect back on some of the technology that GP CPA has been using and is no longer using in 2019.
GP CPA Client’s Letter – May 2019
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better.
Extensions season continues…
GP CPA recently had an opportunity to speak with Tina Orem, author and journalist at Nerd Wallet, about personal income tax extensions.
March 2019 Tax Update. Home Office Deduction and QBI (Qualified Business Income)
When possible, you want to claim that your office in your home qualifies as a principal place of business because of this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office.
Extensions
Extensions are a dirty word at our office. Nearly all of our clients are able to get their business’ books closed and personal tax information to us in plenty of time to make the filing deadlines.
Let’s talk about Basis!
“Basis” is a loaded word for accountants. It is very much described in the same regards as “time”, in that there never seems to be enough time when it is needed most.
The 2018 tax filing season is in full swing
The big focus this year has been on tax refunds, which were expected to be quite a bit different this year due to the tax changes that happened last year. A lot of taxpayers are finding reduced refunds or other surprises this year, for many different reasons.
Newsletters are the new… newsletters?
GP CPA has an affinity for all things current events, and sometimes, just sometimes, they are not even tax-related.
Depreciation options
Dear GP CPA Client: We are wrapping up the Company’s tax returns and would like to make you aware of an option that the Company is eligible to make based on the new tax laws passed in 2017.
Qualified Business Income (QBI) walkthrough for our clients
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI).
Why your children are model employee’s?
Working with family in a small business environment tends to be either very rewarding or makes for even more awkward holiday gatherings.
Are you living in the most tax-friendly state?
If you live in New England, New Jersey, New York, or California, an info-graphic confirms the pain you experience when it comes paying high state taxes (income AND sales taxes).
Drive Time Increases Odds of Deducting Rental Property Losses
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.
A guide to tax savings with S-corporations
An S-corporation is a federal tax election and can be formed from a regular company (a C-corp) OR an LLC.
Extension season is coming… are you ready?
At GP CPA we believe that surprises are best left to birthday parties, engagements, or random acts of kindness and definitely NOT taxes.
A mid year tax checkup with GP CPA
July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!).
Commercial leasing the greater Charlotte, NC area
As the economy picks up steam and our clients are growing they are inevitably outgrowing their space and seeking the next place to call their “office”.
NC Sales Tax: The Impact of the Latest Decision of the Supreme Court
North Carolina has relatively stable and low sales tax rates for a mid-Atlantic state with nearly 8 million residents.
Test Your Knowledge About NC Sales Tax in Automotive, Retail and HVCA.
Are you a Retailer? Test your knowledge about Retailers NC Sales Tax! [QUIZ]
If you business sales tangible items to the public this quiz will test your knowledge of current NC sales tax law.
Test your knowledge about NC Sales Tax for Automotive Services [QUIZ]
If your business involves repairs, maintenance, or installation services related to vehicles then this quiz will test your knowledge of current NC sales tax law.
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