Georgia residents may have heard that the new Form 1040 is going to be shorter than previous versions. This was one of the benefits touted by those who supported the Tax Cuts and Jobs Act (TCJA). However, taxpayers should be aware that there are six schedules that...
Year: 2018
Distributions may be required by the IRS
At some point, Georgia retirees must start taking distributions from their retirement savings accounts. The IRS mandates that individuals must start taking these distributions starting in April of the year after turning age 70 1/2. Furthermore, they must calculate and...
Facing an IRS audit
Most people living in Georgia take care to submit accurate tax returns. However, some tax documents end up being flagged by the IRS's algorithms, subjecting filers to an audit. Interestingly, there is some evidence that it is not the wealthy who are the most likely to...
Is your business facing an IRS audit?
For small business owners, finally getting their taxes filed may be the beginning rather than the end. The Internal Revenue Service can review your taxes and decide it wants a closer look. Thus, you may learn your business faces an audit. You can get audited even if...
What Michael Cohen teaches us about tax law
Those watching television or reading the news in Georgia have probably heard about Michael Cohen. They may also know that he pleaded guilty to tax evasion and was sentenced to prison time. Those who would like to avoid a similar fate can take some steps to do so. For...
IRS compromises on Gilti tax rules
If a company based in Georgia or anywhere else has a foreign tax bill of less than 13.125 percent, it will owe a 10.5 global intangible low-tax income tax. This tax is otherwise known as Gilti, and businesses had lobbied the IRS to make changes to how it is assessed....
Reducing the tax burden on a divorced individual
Obtaining head of household status can be a boon for divorced parents who meet the criteria for it. Among the benefits is a standard deduction of $18,000 as opposed to $12,200 for those who file single. Furthermore, individuals who have the head of household status...
IRS announces new tax rules for 2019
Taxpayers throughout Georgia and the rest of the country now know what the tax brackets will be for the 2019 tax year. Individuals who make up to $9,700 will be in the 10 percent tax bracket, which is the lowest of the seven income tax tiers. Individuals who have a...
Important aspects of Currently Not Collectible status
As tax season approaches, some people may already feel the stress of figuring out how they will pay their taxes. In some instances, there are a few available solutions. Applying for Currently Not Collectible status may be an option in some cases. Before making the...
Why hairstylists should report their tips
People engaged in freelance, creative or self-directed businesses in Georgia often have to pay special attention to their taxes. These cautions can also apply to tipped workers of various kinds. While restaurant workers may often receive tax documents that reflect...