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Gray, Callison & Jones, P.C.

Name: Gray, Callison & Jones, P.C.
Address: 3813 Forrestgate Drive, Winston-Salem, NC, 27103, US
Telephone: (336) 760-3210

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Gray, Callison & Jones, P.C.

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Gray, Callison & Jones CPA, P.C. is a full-service accounting firm serving clients throughout the Triad.

11/04/2026

If you’re thinking about making a large gift to charity before year end, options besides an outright gift of cash are worth considering. One alternative is a charitable remainder trust (CRT). Funding one this year will provide a 2026 income tax deduction and other tax and nontax benefits. It may be particularly beneficial if you’d like to tax efficiently divest a concentrated stock position and create an income stream for yourself. But the trust is irrevocable and comes with complex tax rules. We can estimate your potential tax deduction and assess the overall income tax impact before you decide whether to set up a CRT and make a year-end contribution.

11/03/2026

The spooky season is upon us, and the IRS is warning about tax credit “tricks.” In some cases, scammers promote nonexistent credits, such as a “Native American Tax Credit.” Others push credits that do exist, but that few taxpayers qualify for, including the Fuel Tax Credit. Beware of anyone promising unrealistically large tax savings or tax credits you can purchase. Tax fraudsters often operate on social media and urge people to “act fast” by saying that only a limited number of credits are available. The best defense against fraud is to work with reputable tax advisors who recommend legitimate strategies. Contact us for help.

11/02/2026

Self-employment (SE) tax is the Social Security and Medicare tax paid by individuals who work for themselves. It isn’t just for sole proprietors. It may also apply to partners, LLC members, independent contractors and even employees who earn income from a side business.

The combined rate is generally 15.3%, consisting of 12.4% on net self-employment income up to the annual Social Security wage base ($184,500 for 2026), plus 2.9% on all net self-employment income for Medicare. Higher-income taxpayers may also owe the 0.9% additional Medicare tax.

Contact us to learn more. We can help you calculate your SE tax obligation and develop strategies to optimize your overall tax position.

10/30/2026

Properly documenting employee disciplinary actions can help protect employers from costly legal disputes while promoting strong job performance. Address four key areas in your organization’s documentation: 1) Expectations: Clearly define the employee’s responsibilities and performance standards, 2) Details: Use specifics to describe the problem(s), 3) Feedback: Give the employee an opportunity to respond, and 4) Improvement: Establish measurable goals, reasonable deadlines and potential consequences for failure to comply. Also, train supervisors to follow up appropriately and secure all disciplinary documentation. We can help you manage the costs of effective workforce management strategies.

10/29/2026

Roth IRAs debuted in 1998, but the difference between them and traditional IRAs can still cause confusion. Traditional IRA contributions are often tax deductible. Withdrawals, however, are usually taxable and may trigger a 10% penalty before age 59½. Roth contributions aren’t deductible, but you can withdraw them tax- and penalty-free any time. And withdrawals of Roth earnings are typically tax-free if you’re age 59½ or older. Traditional IRAs require minimum distributions starting at age 73 (75 if you were born in 1960 or later). Roth IRA owners have no required withdrawals during their lifetimes. Contact us to discuss the best ways for you to save for retirement.

10/28/2026

As the year draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your 2026 income taxes. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount you contribute from each paycheck before year end could boost your 2026 tax savings. If your employer matches contributions, try to contribute at least enough to receive the maximum match. Otherwise, you’ll lose out on free money! Check with your employer about deadlines and available options. We can help you evaluate the tax implications and determine whether increasing your contributions makes sense for your situation.

10/27/2026

Owners of businesses taxed as partnerships sometimes pay work-related expenses out of pocket. Whether such payments are deductible for federal tax purposes depends largely on the partnership agreement, LLC operating agreement, or an established policy or practice. Allowable expenses may be deductible if the owner is required to bear them without reimbursement. Expenses that could have been reimbursed — regardless of whether reimbursement was requested — generally aren’t deductible. Qualifying costs include business meals, vehicle expenses and home office expenses, subject to applicable limits and substantiation rules. Contact us to review your business’s policies and potential deductions.

10/26/2026

The IRS recently announced special per diem travel rates that are effective from Oct. 1, 2026, through Sept. 30, 2027. Under the simplified high-low method, employers can use two per diem rates to reimburse employees for lodging, meals and incidental expenses for business travel within the continental U.S. The new rate is $329 for high-cost localities and $230 for all other areas. In some locations, the high-cost rate applies only for certain periods of the year. The high-low method can simplify expense reimbursements and reduce paperwork, but you must follow specific IRS rules and restrictions. Contact us to help determine whether this method is right for your business.

10/23/2026

Businesses have long used bank lockbox services to accelerate collections and reduce work involved in processing checks. Now, technology enables lockbox users to automate many accounts receivable procedures. But other electronic payment methods, including ACH and credit cards, may provide less expensive, yet effective, solutions. To determine what makes sense for your organization, evaluate the volume of paper checks you receive. If it’s high, you might benefit from a lockbox service. Otherwise, consider accepting paper checks while steering customers to electronic methods. Talk to your bank about its services, and contact us for help calculating your current payment-processing costs.

10/22/2026

Changes could be coming to your Health Savings Account (HSA). A new U.S. House bill would enable families to contribute additional funds to their HSAs in the year a child is born or adopted. In 2027, HSA participants normally will be able to contribute up to $4,500 (self-only coverage) and $9,000 (family coverage) pre-tax. The Savings for Tomorrow’s Opportunities, Raising Kids (STORK) Act would allow a one-time contribution of an additional $2,000 per qualifying child — so, for example, $4,000 for twins. HSA owners can take tax-free HSA withdrawals to pay medical expenses, and the STORK Act specifically aims to help offset the high cost of maternity and newborn care.

Address

3813 Forrestgate Drive
Winston-Salem, NC
27103

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

(336) 760-3210

Website

https://www.graycallison.com/

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