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TAXES

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Tax Increases and Changes in Deductions Will Affect Many Tax Payers in 2016

You could be impacted by additional taxes created by the Affordable Care Act, such as changes to Net Investment Income calculations, increased Capital Gains rates, and additional Medicare taxes on wages over $250,000. In addition, the state of North Carolina has issued important tax related changes.

Everyone wants to maximize their after-tax wealth. This requires timely financial planning for your business and personal expenses. At Delman & Company, our team of Certified Public Accountants (CPA) stay abreast of changing tax laws in order to assist our clients in all tax strategies and solutions.

We are dedicated to helping you increase what you keep and making those resources work for you.

Our primary services include:
    • Income tax preparation
    • Estate tax and gift tax returns
    • Income tax, retirement and estate tax planning and representation before government tax agencies
    • Employee Stock Ownership Plans
    • Bookkeeping
Tax Tips:
• The IRS business mileage rate for 2016 is 54 cents per mile. Don’t forget to keep a log, if claiming miles as a deduction.

• As of January, the deduction for contributions to NC 529 plans is discontinued. Education credits are not allowed either on NC returns.

• Effective 1-1-2016, NC taxpayers will pay a reduced flat rate of 5.75% on individual income. Other limitations and restrictions remain in place from 2015.

• Before estimating your 2016 individual taxes, meet with your CPA to ensure planning is based on changes affecting tax rates.

Informative Links

North Carolina Department of Revenue Tax Law Update...read more

Key changes in NC tax policy...read more

Affordable Care Act Tax Provisions...read more


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