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

When should I itemize my expenses?

You've heard that itemizing your expenses could save you money on your tax return. But you don't want to go to all the trouble of itemizing every deductible expense you accrued over the year only to discover the standard deduction is going to get you a bigger refund.

How do you know whether it's worth your time to itemize? In today's post, we examine a few core things to understand in making this determination.

How do I know which filing status to pick?

Preparing your tax return can be a complicated mix of math and tax-specific jargon that’s difficult to understand. One fundamental question that many tax payers struggle with is the difference between the various filing statuses—and the relative advantages of each. Some people qualify for more than one status, and it’s important to understand how to pick the best status for your circumstances.

Firstly, when considering the appropriate status from the previous tax year, you may be confused about what to do if your status changed over the course of the year—e.g., you got married or divorced. In the eyes of the IRS, the only thing that matters is your status on December 31. Below are the five options you have to choose from:

What might trigger an audit?

Tax time is here, and it’s a chore that nobody enjoys. If you own your own business it’s especially challenging as you manage business expenses, personal income and various credits and donations. The IRS audits fewer than 1 percent of overall returns, but certain items in your return will make you more likely for a closer review.

Why you should file a tax return even if it’s not required

It’s not mandatory for everyone to file a federal tax return. If your income was below a certain threshold last year, you may not be required to file a return this year either. We all know how tedious and confusing it can be to do your taxes. If you have a free pass to avoid the hassle this year, you should take it, right?

The thing you may not know, however, is that even if filing a return isn’t compulsory, it can still be extremely beneficial to your bottom line. Here’s why:

Tax filing tips for new parents

If you just became a parent last year, you may be unfamiliar with how this life change impacts your taxes. The filing process is significantly different after you have kids, and many new parents miss out on important tax breaks.

In this post, we examine a few key benefits you can receive when you file your tax return this year:

IRS warns: you still owe taxes on cryptocurrency.

You may have heard the term “cryptocurrency” being thrown around in recent years. If you’re one of the early adopters of this digital currency transaction technology—e.g., Bitcoin, Ethereum, Litecoin—then this notice applies to you: The IRS has issued a reminder that although this type of currency may be virtual, it’s still traceable—and you still owe taxes on such income.

The IRS recently won a legal battle against Coinbase—one of the world’s leading platforms for buying, selling and transferring cryptocurrency. Coinbase initiated the lawsuit after receiving a series of John Doe summonses from the IRS. Pursuant to the lawsuit’s resolution, Coinbase must now release information on more than 13,000 of its users to the IRS.

The new tax laws: Considerations for nonprofits

American nonprofit organizations will foray into mostly uncharted territory this year thanks to the new tax laws that may significantly impact a variety of nonprofits. Here is a breakdown of a few of the main provisions of the bill and its possible impact on a nonprofit’s capacity to do good.

Increasing and Decreasing

Relocating? You may be able to deduct your moving expenses.

Moving to a new home can be time-consuming, exhausting and expensive. However, many people don’t realize that when they relocate, they may be able to deduct their moving expenses on their tax return. Depending on how much your move cost, this deduction could spell significant savings.

It’s worth noting that this deduction isn’t available to everyone who chooses to uproot themselves. Your situation has to meet certain requirements. We provide the three-part litmus test for this deduction below:

Do I need to file a tax return for a loved one who passed away?

When someone close to you passes away, there are an overwhelming number of emotions and responsibilities to contend with. Probably the last thing on your mind is the decedent’s income tax obligations. However, it’s important to know that an income tax return must still be filed for this person.

In this article, we walk through the basics of this process:

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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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