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Stanaland, Dodson & Associates LLP

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Stanaland, Dodson & Associates LLP

Stanaland, Dodson & Associates, LLP is a distinguished Certified Public Accountants firm founded in 1984.

Offering a suite of services including tax planning for businesses and individuals, accounting with reviews and compilations, strategic consulting, b

06/18/2026

👶 𝐍𝐞𝐰 𝐢𝐧 𝟐𝟎𝟐𝟔: “𝐓𝐫𝐮𝐦𝐩 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬” 𝐟𝐨𝐫 𝐂𝐡𝐢𝐥𝐝𝐫𝐞𝐧

Starting in 𝟐𝟎𝟐𝟔, families will have access to a new type of 𝐭𝐚𝐱-𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐝 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭 designed for children under age 18 who have a Social Security number.

Here’s a snapshot of how Trump Accounts work:

• Accounts can be funded beginning 𝐉𝐮𝐥𝐲 5, 𝟐𝟎𝟐𝟔
• Up to $𝟓,𝟎𝟎𝟎 𝐩𝐞𝐫 𝐲𝐞𝐚𝐫 may be contributed by parents or others
• The federal government will make a 𝐨𝐧𝐞-𝐭𝐢𝐦𝐞 $𝟏,𝟎𝟎𝟎 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 for children born between 𝟐𝟎𝟐𝟓 𝐚𝐧𝐝 𝟐𝟎𝟐𝟖
• Most contributions are 𝐧𝐨𝐭 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐛𝐥𝐞
• Funds generally 𝐜𝐚𝐧𝐧𝐨𝐭 𝐛𝐞 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐧 𝐛𝐞𝐟𝐨𝐫𝐞 𝐚𝐠𝐞 𝟏𝟖
Once the beneficiary reaches age 18, distributions are taxed in a manner similar to traditional 𝐈𝐑𝐀 𝐰𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥𝐬.

These accounts are intended to encourage long-term saving for younger generations, but the rules and timing matter. As with any new program, understanding how it fits into a broader financial plan is key.

06/16/2026

⚖️ 𝐃𝐢𝐯𝐨𝐫𝐜𝐞 & 𝐑𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬: 𝐖𝐚𝐭𝐜𝐡 𝐭𝐡𝐞 𝐓𝐚𝐱 𝐓𝐫𝐚𝐩𝐬

Dividing retirement accounts in a divorce can create unexpected taxes and penalties if not handled correctly.

Here’s what to know:
🔹 𝟒𝟎𝟏(𝐤)𝐬 & 𝐩𝐞𝐧𝐬𝐢𝐨𝐧𝐬
A properly structured 𝐐𝐃𝐑𝐎 (𝐐𝐮𝐚𝐥𝐢𝐟𝐢𝐞𝐝 𝐃𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐑𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐎𝐫𝐝𝐞𝐫) allows funds to be split without the 10% early withdrawal penalty.
🔹 𝐈𝐑𝐀𝐬 𝐚𝐫𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭
QDRO rules don’t apply. To avoid taxes and penalties, transfers must be done 𝐭𝐫𝐮𝐬𝐭𝐞𝐞-𝐭𝐨-𝐭𝐫𝐮𝐬𝐭𝐞𝐞 and clearly outlined in the divorce agreement.
🔹 I𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭:
Taking cash instead of transferring funds can trigger 𝐢𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱 + 𝐚 𝟏𝟎% 𝐩𝐞𝐧𝐚𝐥𝐭𝐲 if under age 59½.

💡 The takeaway: The way assets are divided matters just as much as what is divided.

06/11/2026

🌍 𝐖𝐨𝐫𝐤𝐢𝐧𝐠 𝐀𝐛𝐫𝐨𝐚𝐝? 𝐃𝐨𝐧’𝐭 𝐌𝐢𝐬𝐬 𝐓𝐡𝐢𝐬 𝐓𝐚𝐱 𝐁𝐫𝐞𝐚𝐤 — 𝐁𝐮𝐭 𝐅𝐨𝐥𝐥𝐨𝐰 𝐭𝐡𝐞 𝐑𝐮𝐥𝐞𝐬

U.S. citizens working overseas may qualify for a valuable tax benefit: the 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐄𝐚𝐫𝐧𝐞𝐝 𝐈𝐧𝐜𝐨𝐦𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐨𝐧 (𝐅𝐄𝐈𝐄).

For 𝟐𝟎𝟐𝟔, you can exclude up to $𝟏𝟑𝟐,𝟗𝟎𝟎 of foreign-earned wages if you meet certain requirements:
✔️ Live abroad for a full year 𝐨𝐫
✔️ Spend at least 𝟑𝟑𝟎 𝐝𝐚𝐲𝐬 𝐨𝐮𝐭𝐬𝐢𝐝𝐞 𝐭𝐡𝐞 𝐔.𝐒. in a 12-month period, not a calendar year
✔️ Have a qualifying 𝐭𝐚𝐱 𝐡𝐨𝐦𝐞 in a foreign country

This is claimed using 𝐅𝐨𝐫𝐦 𝟐𝟓𝟓𝟓.

🔹 There’s also a 𝐟𝐨𝐫𝐞𝐢𝐠𝐧 𝐡𝐨𝐮𝐬𝐢𝐧𝐠 𝐞𝐱𝐜𝐥𝐮𝐬𝐢𝐨𝐧, with a base limit of $𝟏𝟖,𝟔𝟎𝟔 (higher in certain high-cost locations).

⚠️ Important: This area is a known 𝐈𝐑𝐒 𝐚𝐮𝐝𝐢𝐭 𝐟𝐨𝐜𝐮𝐬. Common issues include:
• Maintaining a residence in the U.S.
• Limited ties to the foreign country
• Certain professions with frequent travel

💡 The takeaway: The tax benefits can be significant — but proper documentation and eligibility matter.

06/09/2026

🩺 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐂𝐚𝐫𝐞 & 𝐌𝐞𝐝𝐢𝐜𝐚𝐥 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 — 𝐖𝐡𝐚𝐭 𝐭𝐨 𝐊𝐧𝐨𝐰

If a loved one is in a 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐜𝐚𝐫𝐞 𝐟𝐚𝐜𝐢𝐥𝐢𝐭𝐲, some of those costs may qualify as deductible medical expenses.

In many cases, 𝐦𝐞𝐚𝐥𝐬 𝐚𝐧𝐝 𝐥𝐨𝐝𝐠𝐢𝐧𝐠 — in addition to medical care — can be included if the 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐢𝐬 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐞𝐝 𝐜𝐡𝐫𝐨𝐧𝐢𝐜𝐚𝐥𝐥𝐲 𝐢𝐥𝐥 and is receiving care under a plan prescribed by a physician.

The IRS generally considers someone “chronically ill” if they:
• Need help with at least two daily living activities (like eating, toileting, bathing, transferring (moving in/out of bed or wheelchair), or dressing), or
• Require supervision due to conditions such as 𝐝𝐞𝐦𝐞𝐧𝐭𝐢𝐚 𝐨𝐫 𝐀𝐥𝐳𝐡𝐞𝐢𝐦𝐞𝐫’𝐬

📌 Important reminder:
Medical expenses are deductible if you 𝐢𝐭𝐞𝐦𝐢𝐳𝐞 and to the extent that total costs exceed 𝟕.𝟓% 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐚𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐠𝐫𝐨𝐬𝐬 𝐢𝐧𝐜𝐨𝐦𝐞.

These rules can make a meaningful difference for families navigating long-term care decisions.

06/04/2026

💙 𝐂𝐡𝐚𝐫𝐢𝐭𝐚𝐛𝐥𝐞 𝐆𝐢𝐯𝐢𝐧𝐠 𝐑𝐮𝐥𝐞𝐬 𝐀𝐫𝐞 𝐂𝐡𝐚𝐧𝐠𝐢𝐧𝐠 𝐢𝐧 𝟐𝟎𝟐𝟔

New tax rules taking effect in 𝟐𝟎𝟐𝟔 will affect how charitable contributions are deducted — and the impact depends on how you file.

Here’s a quick overview:
🔹 𝐅𝐨𝐫 𝐧𝐨𝐧-𝐢𝐭𝐞𝐦𝐢𝐳𝐞𝐫𝐬:
Individuals will be able to deduct up to $1,000 in cash charitable donations ($𝟐,𝟎𝟎𝟎 for married couples filing jointly).

🔹 𝐅𝐨𝐫 𝐢𝐭𝐞𝐦𝐢𝐳𝐞𝐫𝐬 𝐚𝐧𝐝 𝐂 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧𝐬:
Charitable deductions will be allowed only after exceeding a minimum threshold:
• Individuals must give more than 𝟎.𝟓% 𝐨𝐟 𝐚𝐝𝐣𝐮𝐬𝐭𝐞𝐝 𝐠𝐫𝐨𝐬𝐬 𝐢𝐧𝐜𝐨𝐦𝐞
• C corporations must exceed 𝟏% 𝐨𝐟 𝐭𝐚𝐱𝐚𝐛𝐥𝐞 𝐢𝐧𝐜𝐨𝐦𝐞

Any charitable contributions above these limits aren’t lost — they can be 𝐜𝐚𝐫𝐫𝐢𝐞𝐝 𝐟𝐨𝐫𝐰𝐚𝐫𝐝 𝐟𝐨𝐫 𝐮𝐩 𝐭𝐨 𝐟𝐢𝐯𝐞 𝐲𝐞𝐚𝐫𝐬.

With these changes ahead, timing and planning charitable gifts may matter more than ever.

06/02/2026

📊 𝐀𝐌𝐓 𝐑𝐞𝐟𝐫𝐞𝐬𝐡𝐞𝐫: 𝐖𝐡𝐲 𝐈𝐭 𝐒𝐭𝐢𝐥𝐥 𝐌𝐚𝐭𝐭𝐞𝐫𝐬 𝐢𝐧 𝟐𝟎𝟐𝟔

The 𝐀𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐌𝐢𝐧𝐢𝐦𝐮𝐦 𝐓𝐚𝐱 (𝐀𝐌𝐓) is a parallel tax system — you pay it only if it exceeds your regular tax.

𝐊𝐞𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐟𝐨𝐫 𝟐𝟎𝟐𝟔:
• AMT exemption: $𝟏𝟒𝟎,𝟐𝟎𝟎 (𝐣𝐨𝐢𝐧𝐭) | $𝟗𝟎,𝟏𝟎𝟎 (𝐬𝐢𝐧𝐠𝐥𝐞)
• Phaseout begins at $𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 (𝐣𝐨𝐢𝐧𝐭) | $𝟓𝟎𝟎,𝟎𝟎𝟎 (𝐬𝐢𝐧𝐠𝐥𝐞)
• Top AMT rate of 𝟐𝟖% applies at higher income levels

AMT also treats certain items differently:
• No standard deduction allowed
• State and local taxes must be added back
• Some investment income and stock options may be taxed differently

💡 Takeaway: While exemptions remain relatively high, the 𝐥𝐨𝐰𝐞𝐫 𝐩𝐡𝐚𝐬𝐞𝐨𝐮𝐭 𝐭𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝𝐬 𝐢𝐧 𝟐𝟎𝟐𝟔 may bring more higher-income taxpayers into AMT.

05/28/2026

𝐆𝐚𝐦𝐛𝐥𝐢𝐧𝐠 & 𝐓𝐚𝐱𝐞𝐬: 𝐖𝐡𝐚𝐭 𝐭𝐨 𝐊𝐧𝐨𝐰

Did your bracket come out on top this year? Before you celebrate too much, remember — 𝐠𝐚𝐦𝐛𝐥𝐢𝐧𝐠 𝐰𝐢𝐧𝐧𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐭𝐚𝐱𝐚𝐛𝐥𝐞.

Here are a few key points:
🔹 𝐀𝐥𝐥 𝐰𝐢𝐧𝐧𝐢𝐧𝐠𝐬 𝐦𝐮𝐬𝐭 𝐛𝐞 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝
Even if you don’t receive a Form W-2G or 1099, gambling income is still taxable and typically reported on 𝐒𝐜𝐡𝐞𝐝𝐮𝐥𝐞 𝟏.
🔹 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐫𝐮𝐥𝐞𝐬 𝐨𝐧 𝐥𝐨𝐬𝐬𝐞𝐬
At the federal level, gambling losses can be deducted 𝐨𝐧𝐥𝐲 𝐢𝐟 𝐲𝐨𝐮 𝐢𝐭𝐞𝐦𝐢𝐳𝐞 and only up to the amount of your reported winnings.
Beginning in 𝟐𝟎𝟐𝟔, losses will be further limited to 𝟗𝟎% 𝐨𝐟 𝐰𝐢𝐧𝐧𝐢𝐧𝐠𝐬.
🔹 𝐍𝐨𝐫𝐭𝐡 𝐂𝐚𝐫𝐨𝐥𝐢𝐧𝐚 𝐫𝐞𝐦𝐢𝐧𝐝𝐞𝐫
North Carolina 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐚𝐥𝐥𝐨𝐰 𝐚 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐠𝐚𝐦𝐛𝐥𝐢𝐧𝐠 𝐥𝐨𝐬𝐬𝐞𝐬, even if you itemize on your federal return.
🔹 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐭𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝𝐬 𝐚𝐫𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠
Starting in 2026, casinos will issue Form W-2G for certain winnings at $𝟐,𝟎𝟎𝟎 𝐨𝐫 𝐦𝐨𝐫𝐞 (up from prior $1,200 threshold), with future adjustments for inflation.

💡 The takeaway: Winning is fun — but understanding the tax impact is just as important.

05/26/2026

💼 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱𝐞𝐬: 𝐀 𝐐𝐮𝐢𝐜𝐤 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Income taxes are one of the primary ways governments fund operations — applying to earnings from both individuals and businesses.

In the U.S., they represent a significant portion of federal revenue, supporting programs, infrastructure, and public services.

A bit of history:
• The modern federal income tax was established in 𝟏𝟗𝟏𝟑 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐭𝐡𝐞 𝟏𝟔𝐭𝐡 𝐂𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐀𝐦𝐞𝐧𝐝𝐦𝐞𝐧𝐭
• It expanded significantly during 𝐖𝐨𝐫𝐥𝐝 𝐖𝐚𝐫 𝐈𝐈, when more Americans became subject to income tax

Beyond funding government, income taxes are often viewed as a tool to support public programs and address economic disparities — though they’ve long been a topic of debate.

💡 The takeaway: Whether for individuals or business owners, understanding how income taxes work is a key part of making informed financial decisions.

05/25/2026

Today, we remember those who gave their lives in service to our country. We are grateful for their sacrifice and the freedoms we enjoy because of them.

Wishing everyone a safe and meaningful Memorial Day.

05/21/2026

💸 𝐍𝐞𝐰 𝟏% 𝐄𝐱𝐜𝐢𝐬𝐞 𝐓𝐚𝐱 𝐨𝐧 𝐂𝐞𝐫𝐭𝐚𝐢𝐧 𝐌𝐨𝐧𝐞𝐲 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐬

A new 𝟏% 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐞𝐱𝐜𝐢𝐬𝐞 𝐭𝐚𝐱 now applies to certain remittance transfers sent from the U.S. to other countries.

Here’s what to know:
🔹 The tax applies to 𝐜𝐚𝐬𝐡-𝐛𝐚𝐬𝐞𝐝 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐬 (including money orders, cashier’s checks, and similar instruments)
🔹 It is 𝐩𝐚𝐢𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐬𝐞𝐧𝐝𝐞𝐫 and collected by the transfer provider
🔹 It applies regardless of citizenship status
🔹 It generally applies to transfers made for 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥, 𝐟𝐚𝐦𝐢𝐥𝐲, 𝐨𝐫 𝐡𝐨𝐮𝐬𝐞𝐡𝐨𝐥𝐝 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬

🔹 𝐖𝐡𝐚𝐭’𝐬 𝐍𝐎𝐓 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐭𝐡𝐞 𝐭𝐚𝐱?
Transfers funded through most 𝐔.𝐒. 𝐛𝐚𝐧𝐤 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬, 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝𝐬, 𝐨𝐫 𝐝𝐞𝐛𝐢𝐭 𝐜𝐚𝐫𝐝𝐬

📌 Important: If a check is cashed at the provider and then sent abroad, it may be treated as a 𝐜𝐚𝐬𝐡 𝐭𝐫𝐚𝐧𝐬𝐟𝐞𝐫 and subject to the tax.

As always, the details matter — especially when it comes to how a transaction is structured.

Address

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