In 2019, individuals saving for retirement in Georgia and throughout the country will be able to contribute more to their accounts. The IRS announced that the maximum annual contribution to an IRA will increase to $6,000 from $5,500. Those who have a 401k or similar...
Year: 2018
Election workers must generally pay income taxes
Georgia residents who perform services for the government during an election must pay taxes on the income they earned. However, this income will not be subject to income tax withholding unless a worker specifically asks for that to occur. This is done by submitting a...
Is my tax debt eligible for a bankruptcy discharge?
You may have heard that a personal bankruptcy will not cover any federal taxes that you owe. Like many Georgia residents, you may also have financial difficulties that only become worse because of tax debt. Your challenges may be significant enough to...
The tax implications of lottery winnings
Georgia residents and others who win a lottery game such as Mega Millions will need to pay taxes on their winnings. Both the IRS and state tax authorities will be looking to collect a portion of any amount received. Those who receive a cash prize will have 24 percent...
Audits continue to decline at IRS
When Georgia residents file their taxes, they may be concerned about the threat of an audit by the Internal Revenue Service. The thought of an auditor going through receipts, paperwork and pay stubs can be enough to make any taxpayer nervous. However, statistics show...
The rules relating to tax fraud
In most cases, the IRS has three years to audit a tax return. This is true when a taxpayer in Georgia or anywhere else doesn't understate their income by 25 percent or more. If that does occur, the government now has six years from when a return is filed to examine...
Report criticizes IRS handling of bank currency reports
Georgia residents may be aware that banks file what are known as Currency Transaction Reports with the Financial Crimes Enforcement Network when they receive deposits of more than $10,000. This requirement was put into place by the 1970 Currency and Foreign...
Voluntary tax program to end soon
There may be as many as 9 million Americans who are living abroad. Those who have overseas bank accounts of $10,000 or more need to declare them to the IRS. This could also be the case for those living in Georgia or elsewhere in America who have money in overseas...
How to handle IRS ID theft
The threat of identity theft has never been higher. Due to the increasing prevalence of technology in people's everyday lives, hackers can easily access Social Security numbers and credit card information. In fact, 2017 saw roughly 158 people's Social Security...
How the TCJA impacts retirees
The Tax Cuts and Jobs Act (TCJA) will have an impact on those who are retired as well as those who are still working. Retirees in Georgia who receive pension or annuity checks must generally pay income taxes on those earnings. While many choose to have taxes withheld...