How Exemptions and Dependents Can Reduce Taxable Income
How Exemptions and Dependents Can Reduce Taxable IncomeMost 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. Here are seven key […]
IRS Taxpayer Bill Of Rights
IRS Taxpayer Bill Of RightsDo 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 […]
Sales Tax Benefits Of A Car Balloon Finance Versus a Lease
Sales Tax Benefits Of A Car Balloon Finance Versus a LeaseLeasing 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 instance, if you are leasing a car that: Using a […]
IRS Compensation Requirement To Deduct IRA Contributions
IRS Compensation Requirement To Deduct IRA ContributionsIt 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 a W-2 wage, and then, another $60,000.00 as 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).In Revenue Procedure 2016-47, posted today on IRS.gov, the IRS explained how eligible taxpayers, encountering a variety of mitigating […]
IRS Employer Health Flexible Spending Arrangement
IRS Employer Health Flexible Spending ArrangementThe 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 plans. Because eligible […]
Georgia Direct Pay Sales Tax
Georgia Direct Pay Sales TaxBeginning January 1, 2017, a direct pay permit cannot be used for purchases of fuel subject to prepaid local tax, purchases of meals, beverages or tobacco; purchases of local telephone services or lodging and rental charges for periods of 31 days or less for GA titled motor vehicles.Pursuant to GA Reg. […]
Georgia Sales Tax On Labor
Georgia Sales Tax On LaborThe basis for a taxable sales price for an item sold in Georgia includes the cost of materials used and the labor.1) GDOR separates labor into different categories, so let’s define each category. The most common types of labor are repair, installation, and fabrication labor, defined as follows: 2) Is the type of labor […]
IRS ITIN Renewal
IRS ITIN RenewalRenewing Your ITIN? Things You’ll NeedSome Individual Taxpayer Identification Numbers (ITIN) expire at the end of 2016. The IRS issues an ITIN to those who have a filing or reporting requirement but don’t have and are not eligible to get a Social Security number. If you need to renew your ITIN, you should submit […]
Airbnb Georgia Sales Tax
Airbnb Georgia Sales TaxAirbnb is a great choice for a guest that needs to choose between staying in a pricey hotel with high hotel taxes. However, there are some contingencies tied to hosting Airbnb guests and the list only continues to grow. Airbnb Georgia Sales Tax