Richey May North Carolina

09/17/2026

Could your traditional 401(k) or IRA balance be too large? Maybe!

Contributing as much as you can to tax-deferred retirement accounts can be a good idea. Contributions are pretax or deductible, and tax-deferred compounding can turbocharge growth.

But sometimes maximizing tax deferral is counterproductive. This may be true if tax rates increase by the time you pay tax on distributions. Also, retirement plan distributions are taxed at your ordinary-income rate, not your long-term capital gains rate. So you may pay a higher tax rate on dividends and growth than you would if you held the investments in a taxable account.

Fortunately, there are strategies that can help. Contact us to learn more.

09/15/2026

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too.

Tax-free fringe benefits may be especially valuable to employees. Examples include many types of insurance (health, disability, long-term care and life), assistance plans (dependent care, adoption and educational) and transportation benefits, subject to certain limits. The One Big Beautiful Bill Act also changed some fringe-benefit tax rules for 2026 and beyond.

Open enrollment is right around the corner for many businesses. As you review your 2027 benefits package, contact us for help evaluating your current offerings and fine-tuning them as needed.

09/11/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households).

If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC.

Contact us to discuss these and other tax tips for your situation.

09/09/2026

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses: A deduction of up to $350 is available whether or not they itemize, and a new deduction with no dollar cap is available to itemizers. Educators eligible for both deductions can first claim the above-the-line deduction and reap the benefits of reducing their adjusted gross income and, if they have eligible expenses in excess of $350, claim the itemized deduction for those excess expenses. (Educators can’t claim both deductions for the same expenses.) Contact us to see if you may be eligible.

09/07/2026

Today, we’re grateful for the hard work and dedication of our clients, employees, and communities. Thank you for all you do to keep businesses and families moving forward.

Wishing everyone a safe, relaxing, and well-deserved Labor Day holiday!

09/04/2026

Richey May North Carolina will be closed on Monday, September 7, for our employees to enjoy the Labor Day holiday. We will reopen on Tuesday, September 8.

09/02/2026

Giving circles are an increasingly valuable funding source for nonprofits. These groups pool their charitable dollars and collectively decide which organizations to support. They often provide funding quickly and actively engage with the causes they choose. According to the most recent national research, nearly 4,000 U.S. giving groups mobilized more than $3.1 billion between 2017 and 2023, illustrating the movement’s funding power. Building relationships with giving circles can help nonprofits diversify funding and attract dedicated supporters and volunteers. Contact us to discuss giving circles and other strategies to help increase funding.

08/26/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more.

08/25/2026

Richey May North Carolina is pleased to be a Blue Plate Sponsor for the upcoming 2026 Catawba County Hunger Walk! Sign up to walk at www.catawbacountyhungerwalk.org!

A huge thank you to Richey May for joining us as a Blue Plate Sponsor for the 2026 Catawba County Hunger Walk! 💙

Your support helps provide vital food, hope, and stability for individuals and families in need throughout Catawba County. Generous partners like you power our mission and bring our community together.

Together, we can end hunger! 💙💚
🌐 Learn more about Richey May today! www.RicheyMay.com
🌐 Learn more, register, or start a team today: www.catawbacountyhungerwalk.org

08/24/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments.

Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us to learn more about each option.