The Peck Group, LC
  • Comprehensive Tax Law Representation Since 1995

    We handle every aspect of tax law: preparing tax returns, representing clients during audits, resolving IRS and state tax controversies, and creating tax planning strategies for the future.

  • Problems With The IRS Or State Tax

    Our attorneys are committed to providing efficient and effective tax solutions for individuals and businesses in Georgia and nationwide.

  • Planning For The Future

    Our lawyers help individuals and businesses with all aspects of estate and tax planning. We help our clients use proactive strategies to minimize tax implications in the future

  • Changing The Balance Of Power

    Does it feel like the government has all the power? Taxpayers have rights, too. We use our knowledge of tax law to shift the balance of power and ensure that your rights are protected.

  • Tax Solutions … And Peace Of Mind

Atlanta Georgia Tax Law Blog

What is the Earned Income Tax Credit, and do I qualify?

For working-class Americans such as you, tax season can be very confusing. With all the expenses that come from everyday life, you might be worried about owing the IRS money in the end. Not knowing what your tax return will look like can be overwhelming.

That’s why you should pursue every tax credit and deduction possible. One credit you may not realize you qualify for is the Earned Income Tax Credit (EITC).

Three things you can do to protect yourself in an audit

Few people enjoy filing their taxes. Even fewer look forward to the possibility of an audit. But unfortunately, anyone can find themselves randomly chosen to have their financial records pored over by the IRS or the Georgia Department of Revenue.

Here are three ways you can protect your rights and have a better chance of getting through an audit unscathed:

Beware micro-captive insurance company promoters

Many honest businesses take advantage of forming their own insurance companies. Called a "captive insurance company," this arrangement is legal. It helps companies obtain insurance for a unique type of business risk that makes standard insurance either unaffordable or hard to find.

Smaller businesses are also allowed the option to form their own insurance companies. The name "micro-captives" given to these insurance companies indicates the lesser size of their formation businesses.

Why you may owe more in taxes this year

You gathered your documents. You filed your taxes on time – maybe even early. Only to find that you owe thousands more in taxes than you have in the past. This was the case for many who filed their taxes this spring, thanks to sweeping changes in tax law.

The IRS reported that, as of February 1, tax refunds are down 8.4 percent this year. And many taxpayers suddenly find themselves owing far more in taxes than they have in previous years. To understand why this happened, consider the following:

What constitutes tax evasion?

If you are like many Georgians, you probably filed your tax returns weeks ago. You may already have received your refund(s). Even so, this is the time of year when most taxpayers feel just a little apprehensive about their tax returns. Did you make any mistakes? Were your figures all correct? Did you take all the deductions the IRS allows? Did you calculate everything correctly? And then the biggest question: Will the Internal Revenue Service come after you for additional taxes it says you owe or, worse yet, accuse you of tax evasion?

Luckily for you and all other taxpayers, the IRS knows that taxpayers are only human. And human beings sometimes make inadvertent mistakes, including on their tax returns. The IRS does not consider mere mistakes as tax evasion. Rather, it must believe you deliberately did something, such as one of the following things, in order to come after you for tax evasion:

  • Did not file a tax return
  • Filed a fraudulent tax return
  • Did not report the full amount of your income
  • Took deductions to which you were not entitled
  • Placed your assets in the name of someone else so as to hide them
  • Destroyed your financial records so as not to leave a paper trail

What to do when filing your taxes late

A lot of people have already filed their taxes for this year. Unfortunately, many taxpayers miss the deadline annually. A report in 2014 found that 7 million taxpayers failed to file taxes that year, which means roughly 5 percent of the population do not perform their civic duty. 

The deadline is right around the corner. For 2019, the deadline is April 15th, which falls on a Monday. You do not have much time left if you have not already filed your taxes. While you may be in a rush, there are some tips to keep in mind at this time, so you do not make a disastrous error. 

Why your tax refund might be smaller this year

Whether it’s contributing to a college fund, fixing a hole in the roof or just funding a vacation, millions of Americans depend on their tax refund every year. For some, it’s more than just extra money towards luxuries. It can be necessary to keep up with mortgage payments or repay debts. If your tax refund unexpectedly dropped, it could devastate your financial plans.

Sadly, this year many people are facing such an ordeal. IRS reports through this month show an average tax refund decrease of over 15 percent, compared to last year’s tax returns. Some people may even owe thousands of dollars they were unprepared to pay.

Gathering your tax documents to file your return

It may be only February, but tax season is officially upon us. By now, you should have received all of your relevant tax documentation to file your tax return for the past year.

The April 15 deadline may still be a long way off, but as we’ve discussed previously, there are significant advantages to filing early. In today’s post, we outline the tax forms you should have received by now.

Common tax mistakes for independent contractors

More Americans than ever before have begun to work as independent contractors. In 2018, the Labor Department reported that approximately one out of every 10 workers in the United States qualified as an independent contractor. 

Independent contractors have different tax considerations to make that differ significantly from regular employees. It is easy to make a mistake, especially if this will be your first year filing with this status. To avoid an audit or paying a ton of money in penalty fees, avoid these common tax mistakes. 

How Atlanta is using taxes to fund the Super Bowl

Anticipation mounts as Atlanta gears up to host Super Bowl LIII on Sunday. The city is spending upwards of $46 million dollars on the event—in addition to $200 million spent to build the Mercedes-Benz Stadium, where the game will take place. Much of this funding comes from taxpayer dollars.

In today’s post, we examine some of the core taxes that will cover Super Bowl costs—as well as the city’s missed opportunities for income generation.

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The Peck Group, LC
5855 Sandy Springs Circle N.E., Suite 190
Atlanta, GA 30328

Phone: 770-884-6914
Fax: 770-933-2369
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