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

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:

Amounts withheld from your paycheck probably changed

Part of the Tax Cuts and Jobs Act of 2017 included changes to “withholding tables”, the guidelines employers use to deduct taxes from your paycheck. Without knowing that these guidelines had changed, many people failed to adjust their W-4’s accordingly. Then, when they filed their taxes, they learned they had not had enough taken out to pay the taxes they owe.

Changes to deductions and exemptions

The recent changes to federal tax laws increased the number of standard deductions taxpayers can claim, but it also eliminated many exemptions. It also limited many state and local tax deductions that were previously available. Without the deductions they had previously relied on, many now owe more than they can afford to pay.

What to do if you owe the IRS

If you owe more money than expected to the IRS, do what you can to pay for at least part of your return on time. You can also apply for an installment plan with the IRS. Consult with an experienced tax professional or tax attorney to learn more about your options. 

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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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