Terry V. Aaseby, CPA, PLLC

SIMPLIFIED MEALS- Pick up 9/25 Details... -Most entrees and side dishes will be bake and serve with no prep and come in a disposable baking pan. Some items will be stove top warm and serve. -All items needing cooking will bake/stove top for 30 minutes or less. -Each entree or item serves 2-3 people unless specified. -Most foods n...

Another amazing basket that we're sending to the Mint Hill Chamber of Commerce Spring Tea and Brunch! This one is all about the kitchen! Filled with a bounty of MINT green baking goodies - don't miss your shot at this basket of baking bliss: https://business.minthillchamberofcommerce.com/events/details/3rd-annual-spring-tea-fundraiser-1262?calendarMonth=2023-04-01

We couldn't pull together an entire table for the Mint Hill Chamber of Commerce Spring Brunch, but we put together a couple of amazing Raffle Baskets for the event! This post shows our donation that will make your Gratitude practice much easier! A stylish storage bin filled with a variety of Thank You Cards, plenty of cards for birthdays, babies, and sympathies + journals for your own thoughts and words...there's also a pretty accordion storage folder to keep it all organized!

Happy Easter - he has risen, and we are forever changed.

Taxpayers who receive certain notices requiring them to send information to the IRS can now submit their documentation online through IRS.gov. This new secure step will allow taxpayers or their tax professionals to upload documents electronically rather than mailing them in, helping reduce time and effort in resolving tax issues.

Initially, the online correspondence feature will be available to the more than 500,000 taxpayers each year who receive one of nine IRS notices. These notices are primarily sent to individual tax filers claiming various tax benefits, such as:

The Earned Income Tax Credit
The Child Tax Credit for families with dependents
The Premium Tax Credit for those who obtain health coverage through the Health Insurance Marketplace and members of the military claiming combat zone tax benefits.

Of note, taxpayers receiving these notices can respond securely to IRS online, regardless of whether they have an IRS Online Account.

It's April...and you didn't pay Quarterly Estimates! Let our team be there to guide you and your business throughout the year - not just during THE SEASON!

About 40 percent of people who get Social Security must pay income taxes on their benefits.

Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable.

Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Your income and filing status affect whether you must pay taxes on your Social Security.

Don't hesitate to call with your questions: 704.457.8557

The Chamber has been an amazing community resource for us, so we're excited to curate and donate 2 raffle baskets for the upcoming Mint Hill Chamber of Commerce Spring Tea and Brunch!

· Gather 8 friends and decorate a table seating 8 people
· Tables are $320/8 people = $40 per person
· Raffle Tickets are available for purchase on the day of the event

Event information can be found here: https://business.minthillchamberofcommerce.com/events/details/3rd-annual-spring-tea-fundraiser-1262

3rd Annual Spring Tea Fundraiser Information to come!

We're not only about crunching numbers, Quickbooks, and tax season! We love sharing life celebrations and joys alongside our clients - another baby blanket is headed out to a growing family!

Many people work for a family member, whether a child is helping at their parent's shop or spouses running a business together. If you are one of them, your tax situation may be more complicated than you think: https://www.aasebycpa.com/newsletter.php #3

Please call the office for assistance if you need help understanding how your work situation affects your taxes.

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What credits and deductions can you claim on your 2022 tax return? With tax law becoming more complicated every year, it's hard to remember which tax breaks are available in any given year. With that in mind, here are five tax breaks you might not want to overlook: https://www.aasebycpa.com/newsletter.php #1

Reminder: We moved into a new location this year!
13124 Idlewild Road, Suite A-B, Matthews, NC 28105.
704.457.8557

We are a Nextdoor Neighborhood Favorite - conveniently located between Matthews & Mint Hill.

Whether you need to file a tax return depends on several factors: the amount of your income, your filing status, and your age. Reach out if you have any questions after reviewing these tips and considerations: https://www.aasebycpa.com/newsletter.php #1

Reminder: We moved into a new location this year! 13124 Idlewild Road, Suite A-B, Matthews, NC 28105.

704.457.8557 (Terry V. Aaseby, CPA - Nextdoor Neighborhood Favorite - Conveniently located between Matthews & Mint Hill)

Tax season is here! But you know who else is? Terry Aaseby, your trusted local CPA!

Terry has been working with individuals and business owners in the Mint Hill area for over 15 years. Terry and his highly trained team are happy to help those who need assistance with planning, preparations, and corrections.

Stop by Mint Hill Event Studio this Thursday to hear more about what to expect this tax season. Click the link below to register your visit now.

https://bnisoutheast.com/nc-charlotte-nc-clt-bni-mint-hill-breakfast-champions/en-US/visitorregistration?chapterId=2230

As a small business owner, it's much more rewarding when you have a group of industry professionals who are just as excited about your wins as you are - they amplify referrals and celebrations. If you're looking for a place to grow your brand, solutions, and sphere BNI Breakfast of Business Champions invites you to visit and see what we're all about.

Disclaimer: Most gatherings don't include taxes...I mean axes :)

Dylan began his accounting career in 2022. He graduated from UNC Charlotte with his B.S. in Accounting. He worked as our intern for 4 months and was such a great asset that we brough him on full time. Dylan is a native to Mint Hill and still serves as a football coach for Independence High School. He is continuing his education in pursuit of his CPA. He and his wife, Lexi, are newlyweds and enjoy spending time with their families.

We want to ensure you are aware of the recent updates and changes that were signed into law - many of them have to do with retirement accounts! The bill is over 4,000 pages, so we've pulled some highlights out for you: bit.ly/3xvSrEU
Reach out if you have any questions!
704.457.8857
aasebycpa.com

We moved.
We expanded our team.
We could not do it without you.
Thank you for trusting us with your Business + Tax Service needs.
All the best to you and yours in the upcoming year.
#2023

For many years, IRS rules stated that taxpayers could not keep retirement funds in their retirement accounts indefinitely. They must start taking withdrawals from their IRA, SIMPLE IRA, SEP IRA, or retirement plan account when they reach age 70 1/2. These withdrawals are known as required minimum distributions or RMDs.

However, the Setting Every Community Up for Retirement Enment (SECURE Act), enacted into law in 2019, changed the rules. As such, if your 70th birthday is July 1, 2019, or later, you do not have to take withdrawals until you reach age 72.

Here's what taxpayers should know about taking RMDs: bit.ly/3sPI4f5

So simple.
So profound.
Merry Christmas.
Matthew 1:21 She will bear a son, and you shall call his name Jesus, for he will save his people from their sins.

Quick update for those that are paid mileage.
Due to inflation, there were two standard mileage rates in 2022:

• 62.5 cents per business mile driven (July 1-December 31, 2022)
• 58.5 per business mile driven (January 1-June 30, 2022).

Reach out if you have questions: 704.457.8557

Small business owners - you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help you save money on your taxes.
Advertising and Marketing Costs Must Be Ordinary and Necessary. Here's what you need to know about this valuable tax deduction: https://bit.ly/3xvSrEU

Our team will spend the sweet part of the season with family and friends. Our office will close on December 22nd and will reopen on January 3rd!

We wish you all a very Merry Christmas!

Does shopping local mean higher prices and less selection: https://www.minthilltimes.com/featured/does-shopping-local-mean-higher-prices-and-less-selection/

• Shop local because your money stays in the community.
• Supporting a local business helps us to be successful, and in return, we are able to support the community as well.
Pictured is one of our Mint Hill, NC favorites Daphne's Bakery

Hello! It's Terry + Team - as the rest of the year gets busy with family, food, fun, and festivities, don't let the BIG STUFF sit in the back seat too long!

With the end of the year fast approaching, now is the time to take a closer look at tax strategies that could reduce your tax bill for 2022.

Ex: Bunching charitable deductions every other year is a good strategy if it enables the taxpayer to get over the higher standard deduction threshold under the Tax Cuts and Jobs Act of 2017 (TCJA).

Another option is to put money into a donor-advised fund that enables donors to make a charitable contribution and receive an immediate tax deduction.

More ideas and information: https://bit.ly/3iK7Cqi

Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means.
Here's what to keep and for how long: https://bit.ly/3pn1A1o

Setting up an IRS Online Account is an easy and secure way for taxpayers to quickly get information about their IRS activity, such as any tax due balance, payments made, and tax records for the past several years. Taxpayers should be aware that balances update no more than once every 24 hours, usually overnight, and should also allow 1 to 3 weeks for payments to show up in the payment history.
Here's what you'll be able to view: https://bit.ly/3nfMs5F

EXTENSION DEADLINE!
Time is running short for taxpayers who requested an extra six months to file their 2021 tax return. As a reminder, Monday, October 17, 2022, is the extension deadline for most taxpayers.
For those still waiting on their 2020 tax return to be processed, here's a tip to help with e-filing a 2021 tax return: To validate and successfully submit an electronically filed tax return to the IRS, taxpayers need their Adjusted Gross Income, or AGI, from their most recent tax return. Those waiting on their 2020 tax return can still file their 2021 return by entering $0 for their 2020 AGI on their 2021 tax return. Remember, if using the same tax preparation software as last year, this field will auto-populate.

Employer-sponsored retirement plans have become a key component of retirement savings. They are also an increasingly important tool for attracting and retaining the high-quality employees you need to compete in today's competitive environment.
Besides helping employees save for the future, however, instituting a retirement plan can provide you, as the employer, with benefits that enable you to make the most of your business's assets.
Review the benefits here: https://bit.ly/3ixpTqB
We've moved: 13124 Idlewild Rd. Ste. A-B

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses - including the cost of buying health insurance.
Here's what small business owners need to know about QSEHRAs: https://bit.ly/3gHcdHl
Reminder, we've moved!
3124 Idlewild Rd. Ste. A-B

Is retiring abroad a consideration for you? First, it's important to look at the tax implications because not all retirement country destinations are created equal: https://bit.ly/3xvSrEU

The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting businesses, individuals, the clean-energy industry, healthcare, and more.
View the provisions for each category here: https://bit.ly/3iK7Cqi
Reach out with any questions you have: 704.457.8557
Reminder!! We've moved- 13124 Idlewild Rd. Ste. A-B

Happy Labor Day, thank you for what you contribute to the strength, prosperity, and well-being of our nation.

We're sponsoring, and we hope to see you there! The tournament benefits the Mint Hill Chamber of Commerce Scholarship Program - see last year's impact here: https://www.minthilltimes.com/columns/mint-hill-chamber-of-commerce/mint-hill-chamber-of-commerce-announces-scholarship-winners-6-23-21/
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