If you file taxes in the United States, something that you should be aware of is the risk of facing an audit. Audits by the Internal Revenue Service are largely random, which can make it hard to know if you’ll be at risk or not. You may be surprised to know that the...
Atlanta Georgia Tax Law Blog
What are your tax obligations as an American with foreign assets?
There are various reasons why United States citizens place their funds in offshore bank accounts. One may be to qualify for secondary citizenship by investment. Another may be because the target country serves as a tax shelter. Americans often purchase homes abroad....
The QBI deduction and why it may be here to stay
Small to mid-size business owners in Georgia and across the country are breathing a sigh of relief as recent proposed changes to tax laws may avoid a key perk for pass-through entity income, at least for now. With the current administration’s 2022 fiscal budget...
What are estimated taxes?
For most Georgia residents, every pay period comes with a reminder that the federal government is taxing their wages through withholdings. When an individual looks at their pay stub, they may see that a portion of their income or wages has been deducted from their...
Tax debtors who own digital assets like crypto face IRS seizure
In Georgia and across the United States, people who have fallen behind on their taxes or have other issues making it difficult for them to pay what they owe face constant concern that the Internal Revenue Service will step up its attempts to collect. In some cases,...
Three facts to know about estate taxes
The death of a loved one can be a difficult and stressful time. In addition to the many emotions that a Georgia resident may have to cope with, they may also have to deal with their deceased love one’s estate and financial concerns. Depending on the value of the...
3 common IRS audit triggers
The word "audit" strikes a fear in many taxpayers in Georgia and throughout the country, but the chances of an audit remain low at .04% out of all tax returns. Sometimes, the IRS checks for accuracy and fraud if the organization suspects it. However, one error on a...
Tax debt: How to pay back what you owe
Taxes are something everyone in Georgia and the U.S has to deal with at one point in his or her life. Although many individuals won't have an issue paying their taxes, other people may not have such a positive outcome. Plenty of reasons exist as to why someone could...
How much should you be saving for taxes?
If you're an independent contractor, then you have one thing to remember: You have to save money for your taxes. It's easy to spend all the money you have coming in, but you should be saving enough money to pay your taxes quarterly or yearly, depending on how much you...
IRS underpayment: penalties you may face
One of the rules that the IRS has in regards to taxes is that everyone in Georgia and around the nation must pay their federal income tax throughout the year. Some workers may already have these taxes withheld from their paycheck while others who are self-employed may...
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