How to Get A Home Office Tax Deduction

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If you work out of a Home Office, then this article is for you. There are three key factors that go into getting the home office tax deduction. These are: Determining what qualifies as a home office. Calculating the tax deduction. The type of business you have. Let’s take a closer look at these components. […]

Tax and Divorce: 7 Questions to Ask

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Divorce is hard. Taxes make it harder. We have identified 7 common tax questions that our divorcing clients ask when they call or visit our Atlanta, Georgia accounting firm.  Read on to know what to ask yourself! What if all of My Tax Returns Have Not Been Filed? The divorce court will want you to […]

Innocent Spouse Relief

What is “Innocent Spouse Relief?” Married couples usually file a joint tax return.  They do this because joint tax returns generally offer greater tax benefits.  However, the extra benefits of the joint tax return come at the price of joint liability.  This means that either spouse is liable for the tax, whether from the filing […]

How IRS Audits Work [Updated for 2021]

IRS audits are fraught with mystery. Yet, IRS audits generally unfold in a routine manner. It is worth taking time to remove the mystery so people know what to expect and how to deal with it. The reaction that we see among clients in our Atlanta, Georgia accounting firm is nearly universal:  The clients receive […]

Payroll Tax and Penalties

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Introduction to Payroll Tax. Payroll tax includes the income tax and Federal Insurance Contributions Act (“FICA”) taxes that are withheld from every employee’s paycheck.  It also includes the employer portion of FICA.  The business pays these taxes to the IRS on a weekly, monthly, quarterly or annual basis.  The frequency depends on the size of […]

Does Bankruptcy Clear Tax Debt?

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The Basics of Bankruptcy and the IRS. Bankruptcy is one of the tools we discuss in our Atlanta CPA firm with clients who are burdened by back taxes that they cannot afford to pay.  Bankruptcy does offer tax relief, but with some critical rules and significant exceptions.  It is important that taxpayers understand how these […]

Receipts for Taxes and Small Business Accounting

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Keeping receipts for taxes and small business accounting.  Both are critical. Whether your business is small and just starting out, or it has grown into a thriving success story, keeping receipts for taxes and keeping the books is of paramount importance to protect your business and allow for continued service to your customers. In the […]

Start Preparing To File Taxes Today

Tax Season 2021 is nearly here.  Here are five tips to start preparing taxes today and make tax season less stressful. It is never too early to start preparing for tax season.  For this reason, we have arranged five tips to help people file taxes returns on time and to save money along the way. […]

Charitable Contributions: What is New?

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Deduct Charitable Contributions Up to $300 in Cash. Charitable contributions in cash of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when filing taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act (The CARES Act) includes several temporary tax law changes to help charities. […]

IRS Offer-in-Compromise

Making a Deal with the IRS. We assist clients of our Atlanta CPA firm with the IRS Offer-in-Compromise program.  An Offer-in-Compromise means that the IRS will accept less than the total amount of tax owed by the taxpayer to settle their tax debt. At its most basic, the Offer-in-Compromise program is a formula.  An offer […]