Taxes

What is the Gift Tax in NC?

Gift tax in NC

You came to this page looking for information on the gift tax in NC, and more specifically, you probably want to know some answers to the following questions: What is the Gift Tax in NC? How much money can you gift away without having to pay a gift tax? How much money or property can you give away during your lifetime? So let’s dig in and start with some of the basics… What is the Gift Tax in North Carolina? At its basic level, the gift tax in NC is a tax on the transfer of assets from one person […]

Estate Taxes in North Carolina – Should You Worry?

estate taxes

Today I wanted to talk a little about estate taxes in North Carolina. This includes some discussion of what estate taxes are, why you shouldn’t care, and why the repeal of the estate tax is such a bad idea. Interested in learning more about gift taxes? Check out this article I wrote yesterday on the topic. What Are Estate Taxes? An estate tax is a tax imposed on the estate of a decedent upon their passing. At the Federal level, there is currently (as of 2017) a $5.49 million exemption. That means that your estate would have to be worth […]

Last Minute Tax Tips to Reduce Your 2016 Tax Bill

last minute tax tips

Ok, so 2016 has come and gone. And even though there isn’t much you can do to reduce your income or accelerate your deductions from 2016, there are still things you can do to reduce your tax bill come April. Here are just a few of last minute tax tips that you should be thinking about to keep your tax bill down. Contribute to your retirement accounts The deadline to contribute to an Individual Retirement Account (IRA) or Roth IRA is April 17, 2017. If you are self-employed, then you may contribute to a SEP IRA, up through the date that […]