Georgia residents who owe less than $1 million in income taxes will have until July 15 to file their most recent tax returns. Corporations that owe less than $10 million will also get an extra 90 days to file a return and pay their income taxes. However, those who are...
The IRS has proposed new regulations on how to deduct business expenses under the Tax Cuts and Jobs Act (TCJA), which added some restrictions and limitations. Previously, taxpayers could deduct 50% of all entertainment, amusement, or recreation expenses as long as...
In theory, conservation easements are a benefit to the public. When a landowner donates land to the government or a land trust for conservation purposes, they can deduct the value of that land from their taxes. This potentially contributes new land to public use and...
Are you expecting a holiday gift or bonus? If so, terrific. You should be aware, however, that gifts and bonuses are taxable as income. Even if your employer specifically states that you're receiving a gift, the IRS won't treat that present as an actual gift but...
The IRS has been increasingly interested in tax compliance by those who receive income in virtual or cryptocurrencies. According to the agency, income from investments in these currencies are taxed at the appropriate capital gains rate.That's going to require a lot of...
In 2014, the IRS made clear that it considers Bitcoin and other cryptocurrencies to be property, not currency. These convertible virtual currencies, or CVCs, are therefore taxed as capital gains.In other words, when you sell CVCs, exchange them for other CVCs, or use...
It has been over a year since the Tax Cuts and Jobs Act of 2017 went into effect, but there are still a few changes coming. For example, the Affordable Care Act's shared responsibility payment -- the penalty for not having the right health insurance -- has been phased...
Late last month, the IRS began sending letters to over 10,000 cryptocurrency investors warning them that they may owe taxes on their crypto gains. Whether you received a letter or not, you should be aware that cryptocurrency tax compliance is currently a top priority...
In response to a shortage of primary care professionals across the state, the Georgia legislature recently made changes to the tax code to further incentivize students and professionals in the area. HB 287, which took effect on July 1, 2019, removes income tax...
Many people spend little time thinking about their taxes before W-2s start coming in the mail. However, the more diversified your assets become the more important it is to create a tax plan for your finances. For those looking to make the most out of their income and...
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