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How To Handle The IRS CP2000 Letter

Every year, thousands of people across America get a CP2000 letter from the IRS. In this article, we explain what the CP2000 process and how to handle the IRS. We also outline the exact filing steps to combat a CP2000 letter.

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Cary Tax Office Announcement

Cary Tax is Fully Booked but Still Here to Help

Tax season in full swing, Tax Advisor of Cary is fully booked until the April 18th deadline, but that doesn’t mean we can’t help! In this article, we will outline ways to request an automatic extension from the IRS and NCDOR so that we can help at a later date.

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Cryptocurrency basics Bitcoin, litecoin and ripple coins currency finance money on gra

CRYPTOCURRENCY TAX BASICS

CryptoCurrency Tax Basics – Cary Tax Looking to learn the Cryptocurrency tax basics? Crypto currencies are a relatively new feature on the financial landscape. Because of their novelty, there has been a lot of speculation and, frankly, wishful thinking regarding how the IRS would treat these currency transactions. Many provisions, e.g., “wash sales” and tax lot treatment, have not yet been finalized. But there are some things, as laid out

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Thinking of Selling Your Home?

Thinking of Selling Your Home? Tax Considerations Understanding the Home Gain Exclusion when selling your home: One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain exclusion will always keep you safe from tax can be a big mistake. Here is what you need

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IRS PIN Announcement: DO NOT THROW OUT

Identity theft PINs are for 2015 not 2014 If you are one of the unfortunate victims of IRS identity theft you will need a one-time PIN to file your tax return. Without this numeric identifier, your 2015 tax return will be rejected. The IRS issues taxpayer victims this PIN in a written notice. What has happened IRS notices that have this one-time PIN are hitting the mailboxes of identity theft

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Understanding the Home Gain Exclusion

Home Gain Exclusion: What to Know and Do For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five residency and ownership test before you sell the property. In this article, we will explore the home

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New IRS reporting rules impact anyone receiving property

Sometimes tax laws create a natural conflict of interest among taxpayers. Establishing property values in an estate after someone dies is an area that creates this conflict. A new tax law is now in place to address this problem. Here is what you need to know. The problem Estate goal: Value property as low as possible. Estates want to value property as low as possible to lower possible estate taxes.

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Tips to Maximize Car Donations

Tips to Maximize Car Donations with Tax Advisors of Cary One of the biggest contributions a taxpayer can make is to donate a used automobile. But if not careful, the value of a donated vehicle could be a lot lower than you think. We’re here to help you maximize car donations on this years tax returns.  Contact us by phone or online if you’re looking for tax guidance. The rule

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Ideas to Help Audit Proof Your Return

Audit Proof your Tax Return No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers.  Learn our tips and tricks to audit proof your tax return from Tax Advisors of Cary. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099’s, W-2’s, and

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