Although the IRS has extended the individual tax return due date for taxpayers who live in South Carolina (as well as Florida and North Carolina), our clients who live in South Carolina should take note. South Carolina [...]
In a rare mid-year adjustment, IRS announced that the standard business mileage rate will increase from 58.5 cents per mile to 62.5 cents per mile. This change is effective July 1. The rate for moving costs (for [...]
Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several options. Let's take a look at a few scenarios: 1. An [...]
U.S. tax law provides a valuable benefit — in the form of a nonrefundable tax credit — for businesses that engage in qualified research and development activities (see a list below). The Sec. 41 credit, which amounts [...]
Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before [...]
