Best Tax Attorneys in High Point

FAQs

• Where does the Tax Court hold trial sessions closest to High Point, North Carolina?

  The tax court covering High Point and all of the state is in Winston-Salem, Room 847, Hiram H. Ward Federal Building, 251 North Main Street (27101).

• Where is the low-income taxpayer clinic that is closest to High Point, North Carolina?

  The nearest low-income taxpayer clinic to High Point is in Charlotte. It is the North Carolina Low-Income Taxpayer Clinic. Its phone number is 980-353-3530, while the address is 5535 Albemarle Road, Charlotte, NC, 28212, United States.

• Should a taxpayer in High Point use standard deductions or itemized deductions when filing state income tax returns?

  A taxpayer in High Point should generally select the option that results in lower state income taxes due. Itemized deductions are worth it if the sum of all the deductibles exceeds $12,750 for individuals and $25,500 for couples. But a person may opt for the standard deduction if recordkeeping is a problem, since every item needs to be documented and errors result in audits.

• How are tax fraud and tax evasion different in High Point?

  In High Point, tax fraud is a class h felony that is committed when a person deliberately gives a tax return with false information, such as excessive deductions or underreported income. Tax evasion is a class i felony which constitutes any failure to pay the proper taxes owed, even without intentional deception.

• In High Point, does the estate of a decedent who left behind an estate worth $10,000,000 have to pay any inheritance taxes?

  In High Point, the estate of a decedent who left behind an estate worth $10,000,000 does not have to pay inheritance taxes. At the federal level only an estate valued above $11,400,000 has to pay the tax, and this threshold was not met. At the state level there is no estate tax due since it was repealed in 2013.

• May a donor in High Point donate $15,000 each to five different charities without having to file a federal gift tax return?

  Yes, a donor in High Point may donate $15,000 each to five different charities without needing to file a federal gift tax return. The annual gift exclusion amount is $15,000 per recipient and not per giver. Neither will the sum of $75,000 in total donations exceed the lifetime limit set in the tax code, which is $11,700,000 per donor.

• If residents of High Point join in the military and are deployed to a combat zone where they are wounded and hospitalized, is their pay subject to income taxes?

  Residents of High Point who enlist in the military then get wounded and hospitalized while deployed to a combat zone do not have to pay income taxes for the month when they got injured. For commissioned officers, the exemption is limited to the salary of an enlisted troop falling under the highest pay grade.