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

โค๏ธ ๐†๐ข๐ฏ๐ข๐ง๐  ๐ญ๐จ ๐‚๐ก๐š๐ซ๐ข๐ญ๐ฒ? ๐˜๐จ๐ฎ๐ซ ๐ˆ๐‘๐€ ๐Œ๐š๐ฒ ๐๐ž ๐š ๐“๐š๐ฑ-๐’๐ฆ๐š๐ซ๐ญ ๐–๐š๐ฒ ๐ญ๐จ ๐†๐ข๐ฏ๐žIf you're age ๐Ÿ•๐ŸŽยฝ ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ, a ๐๐ฎ๐š๐ฅ๐ข๐Ÿ๐ข๐ž๐ ๐‚๐ก๐š๐ซ๐ข๐ญ๐š๐›๐ฅ๐ž ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ...
10/20/2026

โค๏ธ ๐†๐ข๐ฏ๐ข๐ง๐  ๐ญ๐จ ๐‚๐ก๐š๐ซ๐ข๐ญ๐ฒ? ๐˜๐จ๐ฎ๐ซ ๐ˆ๐‘๐€ ๐Œ๐š๐ฒ ๐๐ž ๐š ๐“๐š๐ฑ-๐’๐ฆ๐š๐ซ๐ญ ๐–๐š๐ฒ ๐ญ๐จ ๐†๐ข๐ฏ๐ž

If you're age ๐Ÿ•๐ŸŽยฝ ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ, a ๐๐ฎ๐š๐ฅ๐ข๐Ÿ๐ข๐ž๐ ๐‚๐ก๐š๐ซ๐ข๐ญ๐š๐›๐ฅ๐ž ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง (๐๐‚๐ƒ) allows you to make a charitable gift directly from your IRA to an eligible charity.

And if you're ๐š๐ ๐ž ๐Ÿ•๐Ÿ‘ ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ ๐š๐ง๐ ๐ญ๐š๐ค๐ข๐ง๐  ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง๐ฌ (๐‘๐Œ๐ƒ๐ฌ), a QCD can be especially useful.

For example, if your RMD is $๐Ÿ“๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ and you direct $๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ ๐Ÿ๐ซ๐จ๐ฆ ๐ฒ๐จ๐ฎ๐ซ ๐ˆ๐‘๐€ ๐ญ๐จ ๐š ๐ช๐ฎ๐š๐ฅ๐ข๐Ÿ๐ข๐ž๐ ๐œ๐ก๐š๐ซ๐ข๐ญ๐ฒ, that $10,000 can count toward satisfying your RMDโ€”and generally isn't included in your taxable income.

One important detail: ๐ญ๐ก๐ž ๐๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง ๐ฆ๐ฎ๐ฌ๐ญ ๐ ๐จ ๐๐ข๐ซ๐ž๐œ๐ญ๐ฅ๐ฒ ๐Ÿ๐ซ๐จ๐ฆ ๐ญ๐ก๐ž ๐ˆ๐‘๐€ ๐ญ๐จ ๐ญ๐ก๐ž ๐œ๐ก๐š๐ซ๐ข๐ญ๐ฒ to qualify as a QCD.

If charitable giving is already part of your plans, a QCD may be worth discussing with your CPA before year-end.

๐๐ž๐ฒ๐จ๐ง๐ ๐ญ๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž.

๐Ÿ’ฐ ๐ƒ๐จ๐ง'๐ญ ๐‹๐ž๐ญ ๐š ๐Œ๐ข๐ฌ๐ฌ๐ž๐ ๐‘๐Œ๐ƒ ๐๐ž๐œ๐จ๐ฆ๐ž ๐š๐ง ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐Œ๐ข๐ฌ๐ญ๐š๐ค๐žIf you're age ๐Ÿ•๐Ÿ‘ ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ, don't overlook your ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐ƒ๐ข๐ฌ๐ญ...
10/15/2026

๐Ÿ’ฐ ๐ƒ๐จ๐ง'๐ญ ๐‹๐ž๐ญ ๐š ๐Œ๐ข๐ฌ๐ฌ๐ž๐ ๐‘๐Œ๐ƒ ๐๐ž๐œ๐จ๐ฆ๐ž ๐š๐ง ๐„๐ฑ๐ฉ๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐Œ๐ข๐ฌ๐ญ๐š๐ค๐ž

If you're age ๐Ÿ•๐Ÿ‘ ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ, don't overlook your ๐‘๐ž๐ช๐ฎ๐ข๐ซ๐ž๐ ๐Œ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ ๐ƒ๐ข๐ฌ๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง (๐‘๐Œ๐ƒ).

Missing an RMD can result in a penalty based on the amount that should have been withdrawn.

For example, if your required distribution was $๐Ÿ“๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ and you only withdrew $๐Ÿ‘๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ, the remaining $๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ ๐ฌ๐ก๐จ๐ซ๐ญ๐Ÿ๐š๐ฅ๐ฅ could trigger a penalty.

The good news? If you act promptly, the penalty may be reduced, and in some cases, the IRS may waive it for a reasonable first-time error.

The best strategy is simple: plan ahead and review your RMDs before year-end.

๐๐ž๐ฒ๐จ๐ง๐ ๐ญ๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž.

โค๏ธ ๐‚๐ก๐š๐ซ๐ข๐ญ๐š๐›๐ฅ๐ž ๐†๐ข๐ฏ๐ข๐ง๐  ๐ˆ๐ฌ ๐‘๐ž๐ฐ๐š๐ซ๐๐ข๐ง๐ โ€”๐†๐จ๐จ๐ ๐‘๐ž๐œ๐จ๐ซ๐๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐Œ๐š๐ค๐ž๐ฌ ๐ˆ๐ญ ๐„๐ฏ๐ž๐ง ๐๐ž๐ญ๐ญ๐ž๐ซ.If you make charitable donations throughout th...
10/13/2026

โค๏ธ ๐‚๐ก๐š๐ซ๐ข๐ญ๐š๐›๐ฅ๐ž ๐†๐ข๐ฏ๐ข๐ง๐  ๐ˆ๐ฌ ๐‘๐ž๐ฐ๐š๐ซ๐๐ข๐ง๐ โ€”๐†๐จ๐จ๐ ๐‘๐ž๐œ๐จ๐ซ๐๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐Œ๐š๐ค๐ž๐ฌ ๐ˆ๐ญ ๐„๐ฏ๐ž๐ง ๐๐ž๐ญ๐ญ๐ž๐ซ.

If you make charitable donations throughout the year, don't wait until tax season to organize your records.

Here are a few reminders:
โœ”๏ธ Keep receipts or bank records for all cash donations.
โœ”๏ธ Donations of $250 or more require a written acknowledgment from the charitable organization.
โœ”๏ธ For non-cash donations, keep a description of the items donated and their estimated fair market value.
โœ”๏ธ Contributions to individuals or personal fundraising campaigns generally are not tax deductible.

๐Ÿ“Œ For 2026: Even taxpayers who don't itemize may be eligible to deduct up to $1,000 in qualifying cash contributions ($2,000 for married couples filing jointly) made to eligible charitable organizations.

A few minutes spent organizing your charitable records today can make tax time much easier tomorrow.

๐๐ž๐ฒ๐จ๐ง๐ ๐ญ๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž.

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10/08/2026

Fourth Quarter Question with Tiffany Dodson, Enrolled Agent.

10/06/2026

๐Ÿ“ˆ Good Business Habits Pay Off
Tiffany Dodson, Enrolled Agent, shares tips from over 30 years of business experience.

๐Ÿ“ˆ Are More Investors Paying the 3.8% Net Investment Income Tax?The answer is yes.The ๐Ÿ‘.๐Ÿ–% ๐๐ž๐ญ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž (๐๐ˆ๐ˆ) ๐“๐š...
10/01/2026

๐Ÿ“ˆ Are More Investors Paying the 3.8% Net Investment Income Tax?

The answer is yes.

The ๐Ÿ‘.๐Ÿ–% ๐๐ž๐ญ ๐ˆ๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž (๐๐ˆ๐ˆ) ๐“๐š๐ฑ applies to certain investment income, including dividends, capital gains, interest, annuities, and some passive activity income.

The income thresholds are:
โ€ข $200,000 for single filers
โ€ข $250,000 for married couples filing jointly
โ€ข $125,000 for married filing separately

๐Ÿ“Œ One important detail: These thresholds have not been adjusted for inflation since the tax was introduced in 2013. As incomes and investment gains have grown, more taxpayers are finding themselves subject to the surtax.

If you've had significant investment income, a large stock sale, or the sale of real estate, it may be worth considering the potential impact of the NII tax as part of your overall tax planning.

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๐˜๐จ๐ฎ๐ซ ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐Œ๐š๐ฒ ๐๐ž ๐๐ž๐ฅ๐จ๐ฐ ๐ญ๐ก๐ž ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐“๐š๐ฑ ๐‹๐ข๐ฆ๐ข๐ญ โ€” ๐๐จ๐ซ๐ญ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐‚๐š๐ง ๐’๐ญ๐ข๐ฅ๐ฅ ๐Œ๐š๐ญ๐ญ๐ž๐ซThe federal estate and gift tax exemption is...
09/29/2026

๐˜๐จ๐ฎ๐ซ ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐Œ๐š๐ฒ ๐๐ž ๐๐ž๐ฅ๐จ๐ฐ ๐ญ๐ก๐ž ๐„๐ฌ๐ญ๐š๐ญ๐ž ๐“๐š๐ฑ ๐‹๐ข๐ฆ๐ข๐ญ โ€” ๐๐จ๐ซ๐ญ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐‚๐š๐ง ๐’๐ญ๐ข๐ฅ๐ฅ ๐Œ๐š๐ญ๐ญ๐ž๐ซ

The federal estate and gift tax exemption is $๐Ÿ๐Ÿ“ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ฉ๐ž๐ซ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง ๐ข๐ง ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ”, so itโ€™s easy to assume estate tax planning doesnโ€™t apply to your family.
But when one spouse dies, any unused portion of their exemption may be transferred to the surviving spouse through a ๐ฉ๐จ๐ซ๐ญ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐ž๐ฅ๐ž๐œ๐ญ๐ข๐จ๐ง.

Why consider it when your estate is well below $15 million? A business can grow, investments and real estate can appreciate, inheritances can increase wealth, and tax laws can change.

๐๐จ๐ซ๐ญ๐š๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐ข๐ฌ๐งโ€™๐ญ ๐š๐ฎ๐ญ๐จ๐ฆ๐š๐ญ๐ข๐œ. An estate tax return generally must be filed to preserve the unused exemptionโ€”even when no estate tax is currently due.

When a spouse dies, donโ€™t dismiss an estate tax return simply because the estate is below today's exemption. Preserving portability today could provide valuable flexibility tomorrow.

๐๐ž๐ฒ๐จ๐ง๐ ๐ญ๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž.

๐ŸŽ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐†๐ข๐Ÿ๐ญ ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐Œ๐š๐๐ž ๐’๐ข๐ฆ๐ฉ๐ฅ๐žThe ๐š๐ง๐ง๐ฎ๐š๐ฅ ๐ ๐ข๐Ÿ๐ญ ๐ญ๐š๐ฑ ๐ž๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง for 2026 remains $๐Ÿ๐Ÿ—,๐ŸŽ๐ŸŽ๐ŸŽ ๐ฉ๐ž๐ซ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง.What does that mea...
09/24/2026

๐ŸŽ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ” ๐†๐ข๐Ÿ๐ญ ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐Œ๐š๐๐ž ๐’๐ข๐ฆ๐ฉ๐ฅ๐ž

The ๐š๐ง๐ง๐ฎ๐š๐ฅ ๐ ๐ข๐Ÿ๐ญ ๐ญ๐š๐ฑ ๐ž๐ฑ๐œ๐ฅ๐ฎ๐ฌ๐ข๐จ๐ง for 2026 remains $๐Ÿ๐Ÿ—,๐ŸŽ๐ŸŽ๐ŸŽ ๐ฉ๐ž๐ซ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง.

What does that mean? You can give up to $๐Ÿ๐Ÿ—,๐ŸŽ๐ŸŽ๐ŸŽ ๐ญ๐จ ๐š๐ฌ ๐ฆ๐š๐ง๐ฒ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ฌ ๐ฒ๐จ๐ฎโ€™๐ ๐ฅ๐ข๐ค๐ž this year without:
โ€ข Paying gift tax
โ€ข Using any of your lifetime exemption
โ€ข Filing a gift tax return

For example, gifting $19,000 to three family members allows you to transfer $๐Ÿ“๐Ÿ•,๐ŸŽ๐ŸŽ๐ŸŽ tax-free in 2026.

A few key points:
โœ” Gift recipients do ๐ง๐จ๐ญ pay income tax on the amount received
โœ” Gifts above $19,000 simply require filing ๐…๐จ๐ซ๐ฆ ๐Ÿ•๐ŸŽ๐Ÿ—
โœ” No tax is owed unless you exceed the $๐Ÿ๐Ÿ“ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ฅ๐ข๐Ÿ๐ž๐ญ๐ข๐ฆ๐ž ๐ž๐ฑ๐ž๐ฆ๐ฉ๐ญ๐ข๐จ๐ง
Strategic gifting can be a powerful way to transfer wealth over time while staying within the rules.

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๐Ÿ“Œ ๐ˆ๐ง๐ก๐ž๐ซ๐ข๐ญ๐ž๐ ๐ˆ๐‘๐€ ๐‘๐ฎ๐ฅ๐ž๐ฌ: ๐–๐ก๐š๐ญ ๐๐จ๐ง๐ฌ๐ฉ๐จ๐ฎ๐ฌ๐š๐ฅ ๐๐ž๐ง๐ž๐Ÿ๐ข๐œ๐ข๐š๐ซ๐ข๐ž๐ฌ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ง๐จ๐ฐIf you inherited an IRA from someone who passed away af...
09/22/2026

๐Ÿ“Œ ๐ˆ๐ง๐ก๐ž๐ซ๐ข๐ญ๐ž๐ ๐ˆ๐‘๐€ ๐‘๐ฎ๐ฅ๐ž๐ฌ: ๐–๐ก๐š๐ญ ๐๐จ๐ง๐ฌ๐ฉ๐จ๐ฎ๐ฌ๐š๐ฅ ๐๐ž๐ง๐ž๐Ÿ๐ข๐œ๐ข๐š๐ซ๐ข๐ž๐ฌ ๐๐ž๐ž๐ ๐ญ๐จ ๐Š๐ง๐จ๐ฐ

If you inherited an IRA from someone who passed away after 2019, the ๐Ÿ๐ŸŽ-๐ฒ๐ž๐š๐ซ ๐œ๐ฅ๐ž๐š๐ง๐จ๐ฎ๐ญ ๐ซ๐ฎ๐ฅ๐ž may apply. This means the entire account must be distributed ๐ฐ๐ข๐ญ๐ก๐ข๐ง ๐Ÿ๐ŸŽ ๐ฒ๐ž๐š๐ซ๐ฌ of the original ownerโ€™s death.

However, some beneficiaries are exempt and can use the more flexible โ€œstretchโ€ payout option. These ๐ž๐ฅ๐ข๐ ๐ข๐›๐ฅ๐ž ๐๐ž๐ฌ๐ข๐ ๐ง๐š๐ญ๐ž๐ ๐›๐ž๐ง๐ž๐Ÿ๐ข๐œ๐ข๐š๐ซ๐ข๐ž๐ฌ include:
โ€ข Surviving spouses
โ€ข Minor children (until age 21)
โ€ข Individuals who are disabled or chronically ill
โ€ข Beneficiaries no more than 10 years younger than the decedent

Spouses also have the option to treat the IRA as their own.

The 10-year rule can be complex, and the right choice depends on your situation. If youโ€™ve inherited an IRA, itโ€™s important to speak with your IRA custodian or financial advisor to avoid unexpected taxes.

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๐ŸŽ“ ๐๐จ๐ซ๐ญ๐ก ๐‚๐š๐ซ๐จ๐ฅ๐ข๐ง๐š ๐ˆ๐ฌ ๐ˆ๐ง!Good news for North Carolina taxpayers interested in supporting K-12 education.North Carolina has...
09/17/2026

๐ŸŽ“ ๐๐จ๐ซ๐ญ๐ก ๐‚๐š๐ซ๐จ๐ฅ๐ข๐ง๐š ๐ˆ๐ฌ ๐ˆ๐ง!

Good news for North Carolina taxpayers interested in supporting K-12 education.

North Carolina has ๐จ๐ฉ๐ญ๐ž๐ ๐ข๐ง๐ญ๐จ ๐ญ๐ก๐ž ๐ง๐ž๐ฐ ๐…๐ž๐๐ž๐ซ๐š๐ฅ ๐’๐œ๐ก๐จ๐ฅ๐š๐ซ๐ฌ๐ก๐ข๐ฉ ๐“๐š๐ฑ ๐‚๐ซ๐ž๐๐ข๐ญ ๐ฉ๐ซ๐จ๐ ๐ซ๐š๐ฆ, making eligible donations to approved Scholarship Granting Organizations (SGOs) potentially eligible for a ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐ญ๐š๐ฑ ๐œ๐ซ๐ž๐๐ข๐ญ ๐จ๐Ÿ ๐ฎ๐ฉ ๐ญ๐จ $๐Ÿ,๐Ÿ•๐ŸŽ๐ŸŽ beginning with ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ• ๐ญ๐š๐ฑ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง๐ฌ.

Here's what to know:
โœ”๏ธ The credit is available for cash donations to IRS-approved SGOs.
โœ”๏ธ There are ๐ง๐จ ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐ฅ๐ข๐ฆ๐ข๐ญ๐ฌ to qualify.
โœ”๏ธ Unused credits may be carried forward for up to five years.
โœ”๏ธ You cannot claim both the federal tax credit and a charitable deduction for the same donation.

The program doesn't begin until 2027, and North Carolina will publish participating Scholarship Granting Organizations before taxpayers can claim the credit.

๐Ÿ’ก If supporting educational opportunities is part of your charitable giving plan, this new credit may be worth discussing with your tax advisor.

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