North Carolina Tax Blog

Tax season presents both opportunities and challenges for individuals and businesses across North Carolina. While many taxpayers focus solely on meeting filing deadlines, the strategic approach to tax preparation can result in substantial savings through proper identification and application of available deductions and credits.  Professional tax preparation goes beyond basic compliance, offering comprehensive analysis to…

Receiving an IRS Notice CP2000 in your mailbox can be an alarming experience. This formal correspondence from the Internal Revenue Service indicates that the agency has identified discrepancies between the information reported on your tax return and the income data they received from third-party sources such as employers, banks, and investment firms.  Understanding what this…

Keeping good financial records is one of the most important things you can do for your business or personal taxes. When you don’t track your money properly, it can create big problems with the IRS and the North Carolina Department of Revenue. These problems can cost you money in penalties and interest, and they can…

Tax season often brings a familiar scene: frantic searches for receipts, hurried calculations, and the stress of approaching deadlines. While many taxpayers view tax preparation as an annual burden to be endured each spring, the team at Murray Moyer understands that effective tax management requires a fundamentally different approach.  Year-round tax planning transforms what many…

What Is the QBI Deduction? The Qualified Business Income (QBI) deduction, also known as the Section 199A deduction, is one of the most significant tax benefits available to business owners today. Introduced by the Tax Cuts and Jobs Act of 2017, this powerful tax provision allows eligible business owners to deduct up to 20% of…

As a small business owner, you wear many hats. From sales and marketing to operations and customer service, your attention is constantly divided among competing priorities. When it comes to financial management, however, attempting to handle everything in-house can sometimes do more harm than good.  At Murray Moyer PLLC, we regularly work with small business…

Receiving a Notice of Assessment from the North Carolina Department of Revenue (NCDOR) can be a bit daunting but understanding its purpose and the steps you need to take can help ease the process. What is a Notice of Assessment? A Notice of Assessment is a formal notification sent to taxpayers by the NCDOR, indicating…

The North Carolina Department of Revenue has issued an important notice regarding the extension of time to file franchise and corporate income tax returns. This notice addresses significant updates, including changes to the North Carolina Administrative Code and the process for corporate taxpayers to obtain a seven-month extension. Background The Secretary of Revenue (the “Secretary”)…

When it’s time to prepare your taxes, you may find yourself debating between a national tax service and a local accounting firm. While both options can assist with filing your returns, the differences between these two approaches can have a significant impact on your financial outcomes. Understanding these distinctions can help you make a more…

The IRS has announced key inflation adjustments for the 2025 tax year, and these changes will impact taxpayers across the board. Understanding how these updates affect you can help you plan ahead and avoid surprises come tax season. Here’s a summary of the most notable adjustments. New Federal Tax Brackets for 2025 The tax brackets…