Scott Cornelius, CPA, P.C.

06/24/2026

We hope you all have a wonderful 4th of July!!!

06/23/2026

📌 Tax Topic Tuesday: What Are Trump Accounts?

A new savings program called Trump Accounts is now available for eligible children under age 18. These tax-advantaged investment accounts are designed to help families save for a child's future. Eligible children born between January 1, 2025, and December 31, 2028, may qualify for a one-time $1,000 government contribution. Contributions from family members can also be made, subject to annual limits. https://www.irs.gov/trumpaccounts

📱 New Trump Accounts App Available
The U.S. Treasury recently launched the official Trump Accounts app, allowing families to register, manage accounts, and track account activity directly from their mobile devices. Account activation is beginning ahead of the program's official launch. https://home.treasury.gov/news/press-releases/sb0508

💡 As with any savings vehicle, it's important to understand the tax rules, contribution limits, and how these accounts compare to other options such as 529 plans. Learn info on Trump accounts: https://trumpaccounts.gov/

Have questions about how this may affect your family? Contact our office to schedule a meeting—we're happy to help!

06/18/2026

We are trying to get more engaged with our clients on Facebook!
Go check out The Dead Pest Society's Father's Day Giveaway! 😄🦟

🎉 Father’s Day Giveaway 🎉

We’re giving away a YETI Roadie 15 + your choice of a Dead Pest Society hat and long sleeve performance fishing shirt! 🔥

To enter:
✅ Like this post
✅ Share this post
✅ Tag 3 friends

Winner will be announced Sunday night — just in time for Father’s Day!

Good luck and thank you for supporting The Dead Pest Society 🕷️💀

06/16/2026

📌 Tax Topic Tuesday: Important Tax Deadlines for Business Owners

Owning a business comes with more than just filing an annual tax return. Here are a few key filings and payments business owners should keep on their radar each year:
✅ Annual Reports
• April 15th (for most NC entities)
Keeps your business active and updated with the NC SOS. Fees: $203 for LLC, $21 for INC.

✅ Franchise Tax Payments
• April 15th (C-Corps & some S-Corps)
A state tax based on your business’s net worth or capital.

✅ Quarterly Estimated Tax Payments
• April 15, June 15, September 15, and January 15
Required if you expect to owe taxes and want to avoid penalties.

✅ Federal & State Tax Return Deadlines
• March 15th – S-Corps & Partnerships
• April 15th – Sole Proprietors & C-Corps
Reports your annual business income and expenses.

✅ Extension Deadlines
• September 15th – S-Corps & Partnerships
• October 15th – Individuals & C-Corps
Gives extra time to file, but not extra time to pay.

✅ Business Personal Property Tax Listings (BPPTL)
• January 31st (Extension dates vary by county.)
Reports business-owned assets like equipment, furniture, untagged vehicles/trailers, and machinery to your county. (Any business that has personal property)

Need help staying on track? Our office can help you navigate filing requirements and keep your business compliant throughout the year.

06/09/2026

📌 Tax Topic Tuesday: W-2 vs. 1099 — What Changes?

Many people hear “W-2” and “1099” but aren’t sure what the difference actually means. Here’s a quick breakdown:

👔 W-2 Employee
- Taxes are automatically withheld from your paycheck
- Employer pays part of Social Security & Medicare taxes
- May receive benefits like health insurance, retirement plans, and paid time off
- Receive a W-2 form at tax time

💼 1099 Contractor / Self-Employed
- Taxes usually are not automatically withheld
- Responsible for paying your own taxes, including self-employment taxes
- May need to make quarterly estimated tax payments
- Can often deduct eligible business expenses
- Receive a 1099 form at tax time

💡 Example:
Two people each make $50,000 a year. One is W-2 and one is 1099. The 1099 worker may receive larger checks throughout the year — but they also need to set money aside for taxes that aren’t being withheld automatically.

🚫 Myth: “1099 workers make more money because their checks are bigger.”
✔️ Fact: Bigger checks can also mean a larger tax bill later if you’re not planning ahead.