Richey May North Carolina

12/31/2025

We will be closed January 1-2 for our employees to celebrate the New Year with their families. Happy New Year, everyone!

12/29/2025

The 2026 Social Security wage base has been released: $184,500 (up from $176,100 for 2025). Wages and self-employment income in excess of this wage base won’t be subject to Social Security tax. What if you have two jobs? Social Security tax will be withheld by both employers. Can you ask your employers to stop withholding Social Security tax once, on a combined basis, you’ve reached the wage base threshold? No, each employer must continue to withhold Social Security tax until your wages with that employer exceed the wage base. Fortunately, when you file your income tax return, you’ll get a credit for any excess withheld. Have questions? Contact us.

12/25/2025

12/22/2025

Does your nonprofit plan to give gifts or host a holiday party for staffers and volunteers this December? Be sure you know the tax rules. For instance, recipients of cash-equivalent gifts (such as gift cards) generally must pay income tax on them. This means your nonprofit would need to report the gifts as compensation and withhold taxes. It’s easier to give gifts of nominal value (for example, food or a plant). To reduce tax risk for attendees and preserve deductibility for your nonprofit, keep party expenses “reasonable” and limit the guest list to staffers and volunteers. Contact us for more holiday tax tips.

12/18/2025

We will be closed December 22-26 so our employees can enjoy time with their families. We will reopen on Monday, December 29.

12/16/2025

A little knowledge and planning can go a long way toward ensuring your business gifts are both meaningful and tax-smart. Find out more.

12/12/2025

Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can be a financially smart option, particularly for healthy individuals. Insurance premiums will be lower because of the high deductible. And the HSA provides a tax-advantaged way to fund the deductible and other medical expenses. It can even help fund retirement. Among the tax benefits: 1) Contributions are pretax or deductible. 2) Contributions your employer makes aren’t included in your taxable income. 3) Earnings in the HSA aren’t taxed. 4) Distributions to pay qualified expenses are tax-free. 5) Distributions after age 65 are penalty-free even if not used for medical expenses (but income taxes do apply).

12/11/2025

Special thanks to the Morganton office employees who volunteered at Toys for Tots this week! We always enjoy giving back to the community!

12/10/2025

Beginning in 2026, taxpayers in the top (37%) federal income tax bracket will see their itemized deductions reduced. Generally, their tax benefit from the deductions will be as if they were in the 35% bracket. If you’re at risk of being subject to the new limitation, you can take steps in 2025 to help mitigate the negative impact. For example, make large charitable contributions this year instead of next. If you aren’t already maxing out your state and local tax (SALT) deduction, you might be able to pay state and local property tax bills in 2025 instead of 2026. We can help you look at your tax picture for this year and next to determine what strategies will be most beneficial overall.

12/04/2025

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs generally require you to use the funds by year end or forfeit them. The 2025 pretax contribution limit to a health care FSA is $3,300. To avoid forfeiting health care FSA funds because of the “use-it-or-lose-it” rule, you must incur eligible medical expenses by the last day of the plan year (Dec. 31 for a calendar year plan), unless the plan allows a grace period or $660 rollover. Dependent care FSAs are also generally subject to a use-it-or-lose-it rule. The pretax 2025 contribution limit is $5,000. Additional rules apply.

12/02/2025

Employees from the Richey May Hickory office have been ringing the bell for the Salvation Army all day today at the Lowe's Foods beside Backstreets! We are matching donations today and will be there until 6:00 if you want to stop by and drop a little something in the red kettle! Happy Holidays, everyone!

11/27/2025

Wishing all our clients and employees a blessed Thanksgiving! We are closed for the holiday and will reopen on Monday. Enjoy your time with family!