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...
Month: March 2018
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...
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...
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...
Some tax filing mistakes could increase audit risk
Almost everyone in Georgia has an obligation to file tax returns. Unfortunately, organizing the paperwork involved is almost as unpleasant as paying. Despite the challenges of preparing tax returns, people need to be thorough and have documentation to support their...
Foreign taxes and United States credits
Both U.S. residents and citizens must pay tax on income earned from foreign sources, but there may be a credit on your United States taxes coming your way if you paid income taxes to another country.Deciding Between Credit or Deduction Your foreign tax credit can...
Taxpayers more likely to be audited than statistics indicate
Georgia taxpayers may be under the impression that the Internal Revenue Service conducts audits on only a tiny number of tax returns each year. However, according to H&R Block, the number may be significantly higher than commonly reported statistics indicate.For...
Tax extensions: Steps if you’re running against the deadline
Ideally, business owners will have taken care of their taxes already to get rid of the anxiety that naturally comes with filing. If you run up against the deadline, you may be able to file for an extension. You should start on your taxes as soon as you can whether you...
Married couples could benefit from filing separate tax returns.
If you’re like the vast majority of Americans, when you got married, you and your spouse started filing a joint tax return without giving it a second thought. While there’s nothing wrong with this, under certain circumstances, filing separately can...
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