Whether you own your own small business or you are a representative of a medium-sized business, the state of Georgia has a Taxpayer Bill of Rights. If you pay taxes in the state of Georgia, you are entitled to certain rights and protections. You must be aware of the...
Tax Help
Avoid making these 2 common tax mistakes
Most people dread having to file their income taxes for the year. This is especially true for those who have complex returns. In an effort to simplify a complex return, some people might try to take the easy way out of certain aspects of the process. As tempting as...
USING AN INSTALLMENT AGREEMENT TO REPAY TAXES
Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
HOW DO YOU CHANGE YOUR STATE RESIDENCY FOR TAX PURPOSES?
It’s well-known that some states provide lower tax rates than others. Florida, Texas, and other states have no income tax, which makes them an attractive option for retirees and other taxpayers who want to lower their tax burden. Georgia levies a state income tax, but...
WHAT TO DO IF YOU DISAGREE WITH AN IRS NOTICE
IRS notices can be intimidating and confusing. The good news is that even if a notice says you owe the IRS you often the right to appeal or protest the decision in some way. Follow these steps if you don’t agree with an IRS notice and want to preserve your appeal...
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...
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 Breaks for Homeowners
The Tax Cuts and Jobs Act (TCJA) modified several of the tax breaks offered to homeowners. Some taxpayers may now get less tax benefits from owning their homes, but that doesn’t necessarily mean they’ll end up paying more in income taxes. If you’re considering buying...
Tax Consequences of Failing to Report Tips
Tips are taxable income, and a failure to properly report your tip income could lead to the following issues: IRS audit of your return. Back taxes owed. Interest and penalties added to your tax debt. Tipped employees should be aware of these consequences and properly...