North Carolina Business Tax Incentives You May Not Know About

Posted by on January 18, 2012 No comments
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North Carolina has “iNCcentives” that can give small businesses a competitive advantage. The only problem is that in order to learn about these tax incentives you either need to do the research on your own or make sure you are working with a stellar CPA in 2012. Our great state is actually consistently ranked among the best business climates in the nation by Forbes, CNBC, Chief Executive and Site Selection.

The North Carolina Department of Commerce divides these tax credits and incentives into a few categories to make them easier to understand. We’ll break some of them down and offer up links with additional information to help you make sure you are taking advantage of each and every one you can.

Tax Credits

Article 3J Tax Credits – Qualifying businesses may receive a tax credit for job creation, investment in business property and investment in real property.

Interactive Digital Media Tax Credit – Develop interactive digital media at your video game or digital media company in 2012? A tax credit may be in your future ;)

N.C. Ports Tax Credits – Did you pay income taxes because your small business used North Carolina Ports facilities at Morehead City and Wilmington?

Renewable Energy Tax Credits – A 35% tax credit may be yours thanks to the cost of renewable energy property.

Technology Development (Article 3F) Tax Credits – Qualified North Carolina research expenses during a taxable year may offer you some relief.

Discretionary Programs

Job Development Investment Grant –  Awards a limited number of cash grants directly to new and expanding businesses that will provide economic benefits to the State, and need the grant to carry out the project in North Carolina.

One North Carolina Fund – Awards grants for job creation and/or retention in conjunction with local government matches.

SBIR/STTR Small Business Technology Funding – Awards matching funds to firms who have been awarded a SBIR/STTR Phase I award from the federal government.

Site and Infrastructure Grant Fund – Provides assistance for site development and infrastructure improvements for very high-impact projects.

Cost-Saving Programs

Industrial Revenue Bonds – Provides tax-exempt financing for eligible new or expanded manufacturing facilities, certain solid waste disposal facilities and sewage disposal facilities.

Community Development Block Grants and Industrial Development Fund – Provides grants and loans for infrastructure development to eligible local governments.

Recycling Business Assistance Center – Provides grants, tax credits and loans to businesses involved with recycling in North Carolina.

Film Incentives – Provides tax credits and sales and use tax discounts to encourage film and television production in North Carolina.

Sales and Use Tax Discounts/Exemptions and Refunds

Long list here so check out this LINK to see if anything applies to your business.

Need more information? Feel free to Contact us if you have more detailed questions or download the NC Department of Revenue’s Incentives Chapter PDF.

Best Tax Software for Apex Residents

Posted by on January 9, 2012 No comments
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Each new year we are required to make the decision as to whether or not we plan to spend the time to do our tax return at home in archaic free hand, purchase some tax software and spend a little less time doing it or hire an accountant that specializes in tax returns.

In 2012 this decision is no easier for our friends in the greater Apex area.  Each one of you will have to choose whether or not to spend $50 at the Target in Beaver Creek Commons or use someone like us great folks at WolfBridge Financial :)

Just in case you are planning on gutting it out from the comfy confines of your own home again, here our some thoughts from our tax return staff on which tax software to use before April 15, 2012 depending on your current situation.

Simple Tax Return

You’re single or married, have a W-2 or three from your employer(s), have a mutual fund or two, maybe some bank interest and own a home and/or car.  These are also for folks who don’t need to worry about a bunch of deductions.

Tax Act – A very basic version is free for Federal and as little as $14.95 to do your North Carolina State taxes. Even if you use their deluxe edition you will pay less that 20 to file everything.

TurboTax – The free edition is free for Federal and $27.95 for state. A little more expensive than Tax Act, but with somewhat more user-friendly software interface.

Moderately Difficult Tax Returns

If you can add rental properties and tons of deductions, from those that are work related to those that are charity related, to the list of items above then you probably should consider spending a little more on some more detailed software.

H&R Block Deluxe – For about $60 total you can file both Federal and State. You will also receive mortgage interest and charitable tax deduction maximizes, help with hundreds of tax deductions and more.

TurboTax Premier - Designed for taxpayers who have several W-2s and claim common deductions, such as mortgage interest and charitable contributions, this version is a little pricy at around $80 for both state and federal but offers a ton of support options for moderately experienced users.

Complex Tax Returns

When it comes to complex tax returns that involve a small business, multiple rental properties, a large family and more there are versions of software that can be purchased for anywhere from $100 – $200.

With the cost of getting a tax return done by a professional being not much more we would highly recommend at this point you at least consult a local accountant to make sure if you do handle this on your own that you are maximizing your savings and not running from the IRS!

Do you use tax return software? If so, which do you typically go with and why? Leave your thoughts in the comments below.

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Join the WolfBridge Financial Newsletter

Posted by on January 9, 2012 No comments
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Each month, beginning in February 2012, we will begin sending out a newsletter chock full of pertinent financial information. This will basically be a recap of some of our most popular blogs from that month so you can simply get everything into your inbox instead of checking back here all the time!

We’ll also include links to current news items that you may find interesting and tips that can help you with taxes, finances, insurance and more.

You can join the email newsletter list by filling out the form below and if you think our news is no good you can unsubscribe just as quickly :)

We look forward to helping you conquer your finances!

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What we can learn from the Kardashian’s

Posted by on December 9, 2011 No comments
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If you haven’t heard about the recent demise of Kris Humpheries and Kim Kardashian after just 72 days of marriage from a multi-million dollar wedding, I don’t know where you’ve been.

In the reality show, “Keeping Up with the Kardashian’s,” it was very obvious that Kris and Kim’s relationship was doomed from the start due to Kim being used to her own space and Kris being used to spending the majority of his time training in Minnesota, rather than galavanting around LA and New York. However, I would argue that the biggest issue they had came down to their backgrounds. Kris came from a modest background in Minnesota and found success in his basketball talent. Kim has always grown up filthy rich and never had to work for anything.

Because of Kris’ upbringing, he lives modestly despite his multi-million dollar NBA contract. Kim just wasn’t having it. In one episode, Kim made it clear that if she moved to New York with Kris, so that they could be closer to Kris’ hometown and family and Kim could keep up her modeling career, that she could not live a lesser lifestyle than she does in LA. In another episode, Kris playfully throws Kim in the ocean at Bora Bora, and she comes out cursing and crying because she lost her $75,000 diamond earrings. In that same episode, Kim throws a fit about the Presidential villa right in front of their private butler who put the room together.

Kris could not make sense of Kim’s obsession with expensive taste and her never ending complaining, even though she had everything she wanted. I believe that this is what really drove them apart. It tells us that even to the rich and the famous, it’s so important for couples to sit down and talk about finances. Ask your significant other questions about their beliefs. What should we focus on when spending money? What is most important to save for? Do you value money, or spend it frivolously? Do you think it’s important to donate money? Do you have a budget? Should we create a budget? Can we stick to a budget? Do you have financial goals? If you wanted a big ticket item, such as a $1,000 55” TV or a brand new car, would you just go buy it or would we discuss it first? It doesn’t matter if you make $30,000 per year or $30,000,000 per year, financial issues are going to be prominent in your relationship.

If you do end up having this conversation with your significant other and you can’t seem to agree on certain financial problems, that doesn’t necessarily mean that your relationship is doomed. At WolfBridge Financial, we can sit down with you and discuss the disagreements you are having. We will create a financial solution, customized specifically to your lifestyle and needs. No matter what your income level is, or what your financial goals are, we are here to help. It’s much more rewarding for us to be able to create a plan that will keep a couple together, rather than have to create plans for couples who are splitting because they were unaware that the services were available. Furthermore, your life will likely be more fulfilling if you can save your relationship rather than end up in turmoil. Now that’s a story for the newsstands.