With complex and ever-changing tax laws, taxpayers are bound to make occasional mistakes on their tax returns. The penalty for these errors can vary depending on the circumstances. You may face no penalty, or you may owe back taxes, several types of tax penalties, and...
Month: August 2019
TAX CONSEQUENCES OF TAKING A SIDE JOB OR GIG
Freelance gigs, second jobs, and “side hustles” are a great way to earn some extra income. However, this extra income can also cause tax issues if you aren’t prepared to properly report and pay taxes on it. Follow these tips to avoid creating tax problems when you...
SHORT-TERM RENTALS AND TAX PROBLEMS
Short-term rentals have become a great income opportunity for many people, especially those living in popular tourist destinations. They also have complex tax consequences that can lead to issues for unsuspecting taxpayers. Be aware of the following tax issues if you...
TAX CONSEQUENCES OF THE SHARING ECONOMY
The sharing economy is providing taxpayers with new ways to earn income. It’s also making their tax returns more complex. If you participate in the sharing economy, you need to understand the tax consequences to avoid potential IRS tax problems. Income and Estimated...
Do You Need to Pay Taxes on a Gain From Selling Your Home?
In a rising real estate market, taxpayers may end up selling their homes for much more than they paid just a few years ago. This would normally be a taxable gain, but the tax code provides an important exclusion for gains from the sale of a home. There are a few...
What is a CP2000 Notice?
The IRS CP2000 notice is used when the information on your tax return doesn’t match a W-2, 1099, or other informational tax form received by the IRS. There could be several reasons you’re receiving a CP2000 notice: You may have made an error on your tax return. Your...
Why You Should Do Annual Tax Planning
Tax laws and your personal financial situation typically change every year. If you take a little time to review your tax situation each year, you can avoid mistakes and reduce your risk of accumulating IRS tax debt. Tax Law Changes Massive tax law overhauls—such as...
Tax Problems For People With Multiple Jobs
Taxpayers with more than one job generally have more complicated tax returns. They can also run into tax problems if they don’t have enough taxes withheld during the year or make estimated tax payments. If you have multiple jobs or a job and some side gigs, make sure...
How to Deal With Georgia State Tax Liens
The Georgia Department of Revenue (GADOR) can file a state tax lien to protect its interest in collecting delinquent tax debt. The lien will encumber all of your property and can be recorded with a Clerk of Superior Court as a matter of public record. Impact of...
Options for Resolving Your Georgia State Tax Debt
The Georgia Department of Revenue (GADOR) can use liens, levies, wage garnishments, and other collection activities to get you to pay your state tax debt. If you don’t resolve your Georgia state tax problems, expect GADOR to continue to pursue collection using some or...