Get Tips From the Professionals

Let Common Cent$ Bookkeeping and Tax Preparation breeze you through the tedious process of generating financial reports, preparing tax requirements, and other related matters. Read our blog posts below to get helpful tips and advice from us!

Coming Soon

Schedule a Consultation

Our services are built around your specific needs. To request a personal consultation with us at our office in Hendersonville, North Carolina, please proceed to the next page and view our available dates.

view:  full / summary

All wage statements due January 31

Posted on January 3, 2018 at 9:20 PM Comments comments (1)

The PATH Act includes a requirement for employers to file their copies of Form W-2 and Form W-3 with the Social Security Administration by January 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report non-employee compensation to independent contractors. Such payments are reported in box 7 of this form.

This deadline makes it easier for the IRS to verify income that individuals report on their tax returns and helps pr...

Read Full Post »

Expired Provisions

Posted on January 3, 2018 at 9:10 PM Comments comments (0)

Not extended for 2017:

A few provisions expired at the end of 2016 and were not extended for 2017. They include:

Tuition and Fees Deduction – the deduction that was previously on line 34 is no longer available. A portion of qualified education expenses are still allowed as a credit through the American Opportunity Credit and the Lifetime Learning Credit.

Cancellation of ...

Read Full Post »