Richey May North Carolina

Richey May North Carolina We transform accounting challenges into growth opportunities.

DHW is now Richey May | North Carolina
Building trust through proactive guidance since 1990, our team transforms accounting challenges into growth opportunities. DHW is now Richey May | North Carolina - Building trust through proactive guidance since 1990, our team delivers total solutions across healthcare, manufacturing, nonprofit, and other specialized industries.

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s inc...
10/08/2026

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings. But in some cases, income taxes can take a bite out of disability benefits.

Taxability usually hinges on who paid the premiums. If your employer paid them, the payouts from the policy generally will be taxed to you just as if the income were paid directly to you by your employer. If you paid the premiums, the payments you receive generally won’t be taxable. State tax treatment of disability benefits varies.

We can help you assess how much disability coverage you need depending on the tax consequences and other factors.

Your nonprofit’s annual report is one of its most important communication tools. Waiting until year end to begin plannin...
10/06/2026

Your nonprofit’s annual report is one of its most important communication tools. Waiting until year end to begin planning it can lead to rushed content and overlooked accomplishments. Starting early gives you more opportunities to collect personal impact stories and financial highlights that demonstrate accountability and showcase your mission-driven work. Combining clear financial reporting with compelling storytelling can strengthen relationships with donors, grantmakers, volunteers and other stakeholders. Contact us to help ensure your annual report reflects your nonprofit’s financial strength and achievements.

Cultivating relationships with major philanthropists begins long before the ask. Start by understanding how affluent don...
09/30/2026

Cultivating relationships with major philanthropists begins long before the ask. Start by understanding how affluent donors make giving decisions and strengthening your relationships with their professional advisors. Then use targeted outreach to clearly communicate your organization’s impact and demonstrate sound financial stewardship. Doing this work upfront can better position your nonprofit to receive transformative, mission-advancing gifts. Contact us to learn how strong financial management and reporting can enhance your credibility with major donors and help support your long-term fundraising success.

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and pla...
09/29/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obli...
09/23/2026

Bartering can be a viable way to conduct business, especially if you’re strapped for cash. But you can’t escape tax obligations.

The fair market value of goods or services you receive generally must be reported as taxable income. Business expenses related to the exchange may also be deductible. Special rules apply if you use a barter exchange, including when trade credits are taxable and whether Form 1099-B reporting applies.

Good records are essential, including documentation of the fair market value, invoices, barter agreements and statements from barter exchanges. Whether you already barter or are considering it, contact us to discuss the tax and reporting implications.

A successful capital campaign starts well before your nonprofit announces its fundraising goal. Build a strong leadershi...
09/21/2026

A successful capital campaign starts well before your nonprofit announces its fundraising goal. Build a strong leadership team, develop a broad pool of prospective donors and prioritize major-gift prospects who can help create early momentum. During the quiet phase, organizations often aim to secure 50% to 60% of their campaign goal before expanding outreach. Just as important, carefully assess whether your fundraising goal is financially realistic and, if so, craft a compelling case for support that emphasizes community impact. Contact us to discuss the financial considerations of a capital campaign and whether your organization is ready to move forward.

Could your traditional 401(k) or IRA balance be too large? Maybe! Contributing as much as you can to tax-deferred retire...
09/17/2026

Could your traditional 401(k) or IRA balance be too large? Maybe!

Contributing as much as you can to tax-deferred retirement accounts can be a good idea. Contributions are pretax or deductible, and tax-deferred compounding can turbocharge growth.

But sometimes maximizing tax deferral is counterproductive. This may be true if tax rates increase by the time you pay tax on distributions. Also, retirement plan distributions are taxed at your ordinary-income rate, not your long-term capital gains rate. So you may pay a higher tax rate on dividends and growth than you would if you held the investments in a taxable account.

Fortunately, there are strategies that can help. Contact us to learn more.

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits packa...
09/15/2026

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too.

Tax-free fringe benefits may be especially valuable to employees. Examples include many types of insurance (health, disability, long-term care and life), assistance plans (dependent care, adoption and educational) and transportation benefits, subject to certain limits. The One Big Beautiful Bill Act also changed some fringe-benefit tax rules for 2026 and beyond.

Open enrollment is right around the corner for many businesses. As you review your 2027 benefits package, contact us for help evaluating your current offerings and fine-tuning them as needed.

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the A...
09/11/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households).

If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC.

Contact us to discuss these and other tax tips for your situation.

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 20...
09/09/2026

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses: A deduction of up to $350 is available whether or not they itemize, and a new deduction with no dollar cap is available to itemizers. Educators eligible for both deductions can first claim the above-the-line deduction and reap the benefits of reducing their adjusted gross income and, if they have eligible expenses in excess of $350, claim the itemized deduction for those excess expenses. (Educators can’t claim both deductions for the same expenses.) Contact us to see if you may be eligible.

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209 13th Avenue Pl NW Ste 200
Hickory, NC
28601

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Wednesday 8am - 5pm
Thursday 8am - 5pm
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