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Imagine you've been selected by the IRS for an audit. Do you have the proper documentation to support your tax return? What does the IRS look for to validate your claimed income, deductions or tax credits? A little work now can mean no headaches later should you need to defend your tax return.
Generally, you need to consider three things when defining the record keeping requirements for the Internal Revenue Service.
Jan 06, 2021
Happy New Year!The new year begins with more stimulus payments and other financial assistance courtesy of the latest COVID relief legislation. Read about how the new bill affects your tax and financial outlook.Also in this month's edition is good news for business owners regarding the tax deductibility of expenses paid for using PPP loan funds that are forgiven. You can also determine how much to contribute to your retirement fund in 2021 and see what Uncle Sam came up with for his New Year’s resolutions.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.
Dec 02, 2020
Working from a home office has become a reality for many of us this year. But what, exactly, are the rules to be able to deduct your home office expenses on your tax return? Read about some ideas to help you qualify for the deduction.Also in this month’s edition is an article outlining common tax surprises, and some ideas for small businesses to build strong, banking relationships during these uncertain times. Also read about a number of creative ideas that can help parents keep their kids engaged while dealing with the challenges posed by virtual learning.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.
Nov 04, 2020
With all the talk during the pandemic to save money, it is possible to go too far. Included here are some ideas to make sure this does not happen to you. The Social Security Administration recently announced its 2021 cost of living adjustments. More wages will be taxed and retirement checks will go up. The annual details and some interesting Social Security information are outlined here. And if your small business is struggling on how to make ends meet during this challenging time, here are some hints to effectively price your products. All this and some handy every-day tips EVERYONE should know.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.
Oct 07, 2020
Does your monthly income seem a little higher than normal? If so, that may actually be a sign of trouble ahead. Find out how a tax trap could be lurking in your paycheck. Also read about your options for what to do with your 401(k) when switching jobs, common mistakes that businesses make with their websites and fascinating facts about your favorite fall gourd.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.
Sep 02, 2020
Fall is right around the corner! As summer is winding down, the IRS wants you to be aware of common scams being encountered during the pandemic. Also included are tips to improve your credit score, and a review of alternative ways to budget so you can explore a method that works best for you. All this and some tips to save during your shopping excursions.Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them. read more.
There will be a complete exclusion of certain retirement income from Georgia taxable net income over a period of time. Starting with the 2012 tax year, the exclusion will be $35,000 for each taxpayer who is 62 but less than 65 years of age, or who is permanently and totally disabled. The exclusion remains constant for these categories but increases for those who are 65 years or older during any part of the year as follows: $65,000 in 2012, $100,000 in 2013, $150,000 in 2014, $200,000 in 2015, and a total exclusion of all retirement income from any source in the year 2016. H1055
REPEAL AND REPLACEMENT OF SALES TAX ON MOTOR VEHICLES
Sales and use tax will continue to apply to leases or rentals of motor vehicles. Ga. Code Ann. §48-5B-1(b)(1)(A)Ga. Code Ann. §48-5-441.1; as enacted by L. 2012, H 386, Act 607 § 1-4.] Ga. Code Ann. §48-8-3(92)Effective March 1, 2013, sales and use taxes (other than special district transportation sales and use taxes) will no longer be imposed on motor vehicles titled in Georgia. Instead, a state title fee and a local title fee will be imposed which will be alternative ad valorem property taxes as authorized by Art. VII, §1, Paragraph III (b)(3), of the Georgia Constitution. Pursuant to the constitutional provision, motor vehicles that are subject to the state and local title ad valorem tax will be classified as a separate and distinct class of tangible personal property for ad valorem property tax purposes.
HOUSE BILL 386
Frequently Asked Questions
New Ad Valorem Title Tax (“TAVT”)
Title Ad Valorem Tax Calculator