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3 tax implications to consider when starting a business

You may have a great idea for a startup and want to begin the process of establishing your business. You find yourself focused on marketing, advertising, financing, hiring or whatever else your company needs. But before you proceed any further, take a step back and consider the tax implications of your small business. If you do not review how the setup of your business will affect the taxes you will owe, you may end up having to pay more than you expected. Start by considering these three factors.

Why you should not commit state tax fraud in Georgia

There are probably more jokes about taxes than there are tax laws. It is no secret that everyone wants to pay as little taxes as possible and will do anything to achieve that goal. Unfortunately, you may be tempted to do so through fraudulent means. No matter how common these practices are, they are illegal and can lead to severe consequences that may ruin your business. Avoid the following penalties and take a safer but just as satisfying approach to your taxes instead.

Is your charitable organization tax exempt?

Starting a charitable organization is unarguably a kind thing to do. Just as important as the charity work you do is how you run your nonprofit, not only for the benefit of the cause you serve but also for your own advantage. You may think that your charitable organization is automatically tax exempt by nature, but it needs to meet specific requirements and follow certain rules to receive and maintain the status of tax exemption. The Internal Revenue Code outlines these standards in section 501(c)(3).

Can you pay employees in cash?

Failing to pay payroll taxes causes severe penalties from the IRS. In fact, the IRS tends to view this kind of tax evasion as more serious than that of income tax evasion. Usually businesses don't pay employment taxes du e to financial hardship, but another reason a business may not be paying them is due to paying employees in cash. This isn't illegal unless the purpose behind it is to avoid paying taxes. The practice of not reporting cash payments is usually associated with employees, but it applies to employers, too. Here's what you need to know about cash payments so you don't end up with fines or even a jail sentence.

Handling taxes for a loved one's estate? Don't panic

If you have recently been appointed as the estate administrator for a deceased loved one, you may be required to file one or more tax returns in addition to managing the decedent's assets, paying off debts and distributing any assets that remain to beneficiaries. This process can be complicated, but hiring an experienced tax attorney can keep it flowing smoothly, leaving you free to complete other tasks requested of you. Your lawyer will help you stay organized and make sure you file the proper paperwork every step of the way.

How lottery winnings are taxed by Georgia and the IRS

We've all passed the billboards or heard stories on the local news channels about the growing Powerball jackpot. Though it's only in the millions now, just a few short months ago that number had climbed to $1.5 billion, making it a rather enticing payday for a majority of people.

If you're concerned about an audit, be mindful of deductions

Nobody wants to pay more in taxes than necessary. To that end, the Internal Revenue Service offers taxpayers a variety of allowable deductions regarding several types of expenses, such as those related to childcare expenses or employment. Like all deductions, though, it is important to be mindful of the permissibility of what you're trying to claim.

IRS keeping closer tabs on payroll tax delinquencies

Atlanta-area small business owners understand the pinch that can come from having to pay employment or payroll taxes. A downturn in business or a financial emergency can affect your bottom line in a hurry, making it seem less crucial to send in regular payments to the government.

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.