Sills and Associates PA
4400 Silas Creek Parkway
Suite #200
Winston-Salem, NC 27104
(336) 768-3290
Make the most of the general business credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC). This article explains how the GBC works. A brief sidebar lists specific individual tax credits included under the GBC.

Gifts that give back — Evaluate the tax benefits of individual and trust charitable donations

When donating to charity, a major decision one needs to make is whether to donate assets held in a trust or those that he or she holds individually. This article examines the tax consequences of making individual asset donations vs. donating trust property and details the circumstances under which donations by a trust are deductible.

Health care expenses: What’s deductible?

For many people, unreimbursed medical bills and other health care costs are a significant expense, especially as they get older. Fortunately, many of these expenses are tax-deductible. This article details the types of health care expenses that are deductible. It also discusses the deductibility of self-employed health insurance costs.

Tax Tips

These brief tips explore whether a surviving spouse should file a joint tax return the same year the other spouse dies; reports that the Inflation Reduction Act (IRA) expanded the research credit for small businesses; and explains how the IRA extends the limit on excess business losses through 2028.

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