Guiding You Through The Legal Process
American citizens who live overseas are still generally responsible for filing a federal tax return with the IRS. While many former Georgia residents who now live overseas can claim a credit for foreign income taxes paid, this has not been true for individuals...
Georgia residents and taxpayers throughout the country could receive notices from the IRS at any point during the year. In many cases, it is merely the government reaching out to notify a taxpayer about an adjustment made to his or her return. Taxpayers have the...
There are a variety of reasons why the IRS may decide to audit a Georgia resident's tax return. However, most audits are triggered because something on a return seems unusual based on the income a person has reported. For instance, if a real estate investor writes off...
Starting a business is often an effective way to realize the American dream. After all, not only does a small business give you both flexibility and income, but a successful one may also provide you with something to leave your children. You do not want your business...
One of the benefits of owning a business is the ability to take deductions for expenses that are legitimately used in an effort to produce income. Some Georgia businesses end up in the red where expenses exceed income for the particular tax period. If this occurs...
According to ProPublica, taxpayers in Georgia who make less than $20,000 a year may face the same chance of being audited as those in the 1% of top earners. In many cases, low-income individuals face audits because they claimed the Earned Income Tax Credit (EITC). The...
In 2018, only .59% of federal tax returns were audited. This was a decrease from 2017; in fact, it was the seventh straight year in which overall audit rates decreased. Taxpayers in Georgia and elsewhere who made more than $10 million also saw their audit rate decline...
Unless you are a tax professional, you probably do not spend time trying to keep up with all the deductions and credits that the Internal Revenue Service allows. Here are four categories that contain deductions or credits that might surprise you. 1. Job hunt...
In fiscal year 2018, Georgia taxpayers and others who made at least $10 million saw their audit rate fall to 6.66%. In fiscal year 2017, the audit rate for those making at least $10 million that year was 14.52%. Audit rates also dropped for those who made between $1...
Georgia taxpayers will need to get ready for the new W-4 form that the IRS is rolling out for next year. The government agency says that the goal of the new form is to make sure that taxpayers owe as little as possible at the end of they year. Ideally, neither the...
