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...
Filing a tax return may feel like a drag, especially if you believe you owe the government money. Perhaps you paid too little on purpose because you needed the cash in your account. No matter the reason, you are not in a rush to prepare that return.What happens if you...
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...
If you work as a freelancer in Georgia, you are in charge of handling your taxes. You do not have an employer to do so for you. Understanding the ins and outs of freelancer tax laws, therefore, is critical if you wish to avoid penalties from the IRS.Doing your taxes...
If you thought you would get a tax break when you got married, think again. Unfortunately for many couples, making it official results in a marriage penalty rather than a bonus come tax time.When two people with equal incomes marry and file jointly,...
A “correspondence audit” is conducted via mail, rather than by requiring someone to meet with an IRS officer. The IRS sends a letter, usually a CP2000 Notice, saying the information it has on file does not match the information reported on someone’s...
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...
Many businesses hire workers as independent contractors, rather than full-time employees, to reduce costs. However, the rules that govern whether someone is a contractor or employee examine factors of the person’s work environment – not what the company...
Let us say you have recently formed a corporation: It is a very busy and exciting time for you and your staff.While up-to-date on federal tax matters, you are not yet familiar with the corporate tax requirements of the state of Georgia. Here is a review of the basics....
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