Reminder:
If you received any Employee Retention Credit, You must also reduce your deduction for wages by the amount of credit you received for the same tax period. That means you will need to Amend your income tax return for the business and/or individual return and may be subject to additional taxes. Please contact our office if you received any ERTC.
Beneficial Ownership Information Reporting
REQUIRED- YOU MUST FILE unless you are exempt.
File at finCEN.gov/BOI website. For any businesses registered to do business before 2/19/2025 you have until 3/21/2025 to file a report. Any business registered after 2/19/2025 and after has 30 days to file a BOI report.
Deadlines
- 4/15/2025: (1.) Annual Report & (2.) Franchise Tax. All businesses who is required to file an annual report with NC Secretary of State and NCDOR Franchise Tax.
- 5/1/2025: All 2023 & 2024 Corporate/Business tax returns and Individual tax returns for our clients have been extended to May 1st, 2025 due to Hurricane Helene.
- 9/15/2025: Business tax return filing deadline with extension.
- 10/15/2025: Individual tax return filings & Calendar year businesses with extension.
New 2025: Protection Plus
Every tax return our office electronically files for any client starting 1/1/2025, is now covered through Protection Plus. This give our clients an extra layer of protection from the unknown. Protection Plus will handle all IRS and State Notice, Tax Audits, and Identity Theft restoration.
You may think, “I don’t need protection or insurance for my tax return. If your firm prepared my tax return and made a mistake, then wouldn’t you help resolve it for not additional fee”? This is true but majority of the time the tax issues have nothing to do with the tax preparers. We are all imperfect and you could forget a form or the government just decides to send out hate mail. Situations like these are out of our control and that is why this gives everyone peace of mind knowing that any tax issues that may arise will be taken care of by a team of extensive professionals.
Protection Plus works just like any other kind of protection or insurance policy. You buy it to have protection from the unknown such as a falling tree on your house or a car accident you did not cause and could not dodge. It’s a one time fee each year, which is included with your tax preparation fee. You can read more through the links below this page or below the resource web page.
Tax credits for families revert to 2019 levels. Your standard deduction amounts have increased about $750. You’ll likely receive a significantly smaller refund compared to last year because the Child Tax Credit (CTC). The Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit amounts are the same as last year.
Secure Act 2.0
New start up Retirement Plan tax credit: You will receive a credit to cover 100% of Administrative cost (max $5,000/ yr.) for the next 3 years (Up to $15,000). An additional up to $1,750 per employee tax credit is also available.
Expanded catch-up plans, increased contribution limits, Student Loan matching Contributions, Retirement withdrawals penalty updates.
What if I can’t pay my taxes? Don’t panic – you may qualify for a self-service, online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time. Read more here on the IRS website.
Our office will not e-file your tax return(s) unless we’ve received a signed FORM 8879: e-file Signature Authorization form back from you.
Our mission
Let’s be honest, preparing taxes is no fun. All of us at Absolute Tax and Financial Services believe that preparing taxes should be a pleasant experience and you shouldn’t have to pay a premium for that level of service. Therefore, we’re committed to building long-term and genuine relationships with our clients.
“There is no such thing as a good tax.” -Winston Churchill
Contact Information
Let us provide you with the absolute best in tax and financial services.
Address
3723 Benson Drive
Raleigh, NC 27609
Phone
919-888-4042
FAX
919-888-4047
Email Address
info@taxabsolute.com
Business Hours
We are thrilled to announce that we have teamed up with Protection Plus to offer $1 Million Tax Audit Defense™ to our individual 1040 clients and business return clients. When you file with us, you’ll receive expert tax advice as well as a team of tax resolution experts to guide you if you receive a tax notice or audit. This feature now extends to business returns as well, giving you peace of mind during tax season.
Confidence comes from knowing you’re supported from all sides. Beyond expert tax filing, we provide $1,000,000 Tax Audit Defense™ and Identity Theft Restoration via Protection Plus. Your financial information matters, and we’re here to ensure you are well-supported no matter what comes your way.
