James R McDermott CPA, PLLC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs. On this website, you will find information about James R McDermott CPA, PLLC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Southern Pines, James R McDermott CPA, PLLC has years of valuable experience assisting professionals with their accounting needs.
These tools include downloadable tax forms and publications, financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Southern Pines, James R McDermott CPA, PLLC has years of valuable experience assisting professionals with their accounting needs.
Services
The Firm was established in 2000 by James R. "Rick" McDermott.
Rick graduated from The University of North Carolina at Chapel Hill in 1974 and became a CPA in the State of North Carolina in 1976.
He worked for John C Muse & Company from 1974 through 1981.
He continued his career as Senior Manager with Deloitte & Touche from 1981 through 1991 and was promoted to Partner in 1991 with the firm Dixon Odom, PLLC.
For years, the Firm has been providing quality, personalized financial guidance to local individuals and businesses.
Rick graduated from The University of North Carolina at Chapel Hill in 1974 and became a CPA in the State of North Carolina in 1976.
He worked for John C Muse & Company from 1974 through 1981.
He continued his career as Senior Manager with Deloitte & Touche from 1981 through 1991 and was promoted to Partner in 1991 with the firm Dixon Odom, PLLC.
For years, the Firm has been providing quality, personalized financial guidance to local individuals and businesses.
James R McDermott CPA, PLLC provides a wide range of services to individuals and businesses in a variety of industries.
At the Firm we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At James R McDermott CPA, PLLC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
At the Firm we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
At James R McDermott CPA, PLLC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals.
Have you just started a new business?
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins.
However, based on the current tax provisions, you may elect to deduct up to $5,000 of business start-up and $5,000 of organizational costs paid or incurred.
The $5,000 deduction is reduced by any start-up or organizational costs which exceed $50,000.
Following are some generally recognized financial planning tools that may help you reduce your tax bill.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
Charitable Giving - Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized gain while still getting a charitable tax deduction for the full fair market value.
Health Savings Accounts (HSAs) - If you have a high deductible medical plan you can open an HSA and make tax deductible contributions to your account to pay for medical expenses.
It's possible there could be additional extensions, so check with your tax advisor for the latest information.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
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