Tax Tips and Information

Lesemann CPA PLLC is dedicated to positioning individuals and businesses to take advantage of tax benefits. Listed below are just a few of the common strategies we explore, as we determine your best interest. We encourage you to contact us immediately to review how we can help you.


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    Does the IRS Consider Cancellation of Debt Taxable Income?

    A friend once told me, “Don’t try to understand the tax code, just accept it”.  Yes, I will never understand the Internal Revenue Code in its entirety, but I do try to understand the general theory underlying the ruling. Cancellation of debt as income is one of those topics. Assume someone or some institution forgives […]

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    AICPA Comprehensive Tax Calculator Web Site Available – TotalTaxInsights.org

    Ever stop to think what taxes you really pay day after day, week after week, month after month year after year?  While we all know that we pay income tax and sales tax, did you ever stop and think what other taxes you pay for cable, real estate, cell phone, gasoline, tobacco products, alcohol, ad […]

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  • 2011 Year-end Tax Planning & Other Items of Interest

    The end of 2011 is close and confusion continues to grow as to what and how to plan to minimize taxes for this year and 2012.  We thought now was a good time to remind you of some basic year-end tax strategies (i.e. tried, tested & true), as well as tax benefits that are about […]

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    NC Sales & Use Tax Rate Decrease Effective July 1, 2011

    Effective July 1, 2011 the general North Carolina State tax rate will decrease to 4.75%.  After this adjustment is made and unless listed below, the North Carolina combined general State and Local tax rate for the majority of the counties in North Carolina will be 6.75%. The following North Carolina counties will have a combined […]

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  • IRS Increases Standard Mileage Rates

      Well it is now official – the IRS has announced in Announcement 2011-40 that effective July 1, 2011, mileage rates for those that use the Standard Mileage Rate will now be $0.55 per mile for the rest of the year – 2011.  In addition to the standard mileage rate for business expenses increasing, the […]

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    Expanded Form 1099 Requirement Law Repealed

    After much debate and cost to the American public, the expanded Form 1099 law that was enacted in conjunction with the 2010 Small Business Jobs Act and the 2010 Patient Protection and Affordable Care Act was finally repealed by the President on April 14, 2011.  What does this mean?  It means that the requirements for Form […]

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  • Tax Refunds – How Long Should They Take?

    Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in about half […]

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  • 2009 Tax Tip #51 – Know about Penalties

    The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face if you do not pay or file on time. If […]

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  • 2010 Summertime Tax Tip #2 – Student Jobs

    School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job. All employees fill out a W-4, Employee’s Withholding Allowance Certificate, when starting […]

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  • 2010 Summertime Tax Tip #3 – Disaster Prep

    Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers protect financial and tax records in case of disasters. Listed below are tips for individuals on preparing for a disaster. Recordkeeping Take advantage […]

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