Capital Gains And Losses 10 Helpful Facts
When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Below are 10 important facts that taxpayers should know about capital gains and losses: 1. Capital Assets Capital assets include property […]
Seven Reasons Taxpayers Should E-file Their Taxes in 2017
Taxpayers who still file paper returns may find now is the best time to switch to e-file. Last year, over 85 percent of taxpayers filed their taxes electronically. E-file is the fastest and safest way to file. Top Seven Reasons to File Electronically in 2017 1. Accurate and Easy IRS e-file is the best way […]
Claim The Earned Income Tax Credit
The Earned Income Tax Credit (EITC) has helped workers with low and moderate incomes get a tax break for over 40 years. Yet, one out of every five eligible workers fails to claim it. What Taxpayers Should Know About the EITC Review Your Eligibility Taxpayers who worked and earned under $53,505 may qualify for EITC. […]
How Exemptions and Dependents Can Reduce Taxable Income
Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Key Points on Dependents and Exemptions 1. Personal Exemptions Taxpayers can […]
IRS Taxpayer Bill Of Rights
Do you have rights as a taxpayer?The answer is YES! 1. The Right to Be Informed Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the […]
Sales Tax Benefits Of A Car Balloon Finance Versus A Lease
Should I Buy or Lease? Leasing a Car If you are considering leasing a car in Georgia, you should know that you will be paying the full sales tax on the car as a part of your monthly payment. For example, if you are leasing a car that: Your sales tax liability should be about […]
IRS Compensation Requirement To Deduct IRA Contributions
Understanding IRS Compensation for IRA Deductions It is important to understand how the IRS defines compensation in order to deduct your IRA contributions. For example:You own an S-Corporation and you are the single-member owner and employee. If you take a salary of $30,000.00 as W-2 wage, and then another $60,000.00 as a dividend (at a […]
IRS 60 Day Rollover Retirement Plans
The Internal Revenue Service today provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Revenue Procedure 2016-47 In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, […]
IRS Employer Health Flexible Spending Arrangement
Reminder to Employees: Plan Now for 2017 The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2017. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health […]
Georgia Direct Pay Sales Tax
Overview Beginning January 1, 2017, a direct pay permit cannot be used for the following types of purchases: Definition of Direct Pay Permit Pursuant to GA Reg. Sec. 560-12-1-.16, a “direct pay permit” is defined as: “A permit issued by the Department of Revenue that allows the holder of such permit to accrue and pay […]