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Do I Need Advisors to Grow My Small Business?

Growing your small business

Why a Small Business Should Expand and Collaborate with a CPA, a Business Consultant and other Advisors Guest post written by Tony R. Kitchens   Hello, fellow entrepreneurs and small business owners! Today, I want to address a crucial topic that often arises in the early stages of business development: the importance of growing beyond […]

Georgia Sales Tax Exemption

GA non-profits exempt from sales tax

Are 501(c)(3) Non-Profit Organizations Exempt from Sales Tax in Georgia? Sales tax is an important part of doing business in Georgia. The Georgia sales tax impacts sellers throughout the state, as well as businesses selling online or remotely from out of state to customers in Georgia. However, the Georgia sales tax rules for 501(c)(3) non-profit […]

Guide to Tax Rules for Rental Real Estate

Rental property and IRS tax rules

The tax rules for rental real estate investors offer many tax advantages.  Due in large part to the tax advantages, investing in real estate is very popular among people looking for an alternative source of income or side gig.  Our Atlanta-based CPA firm probably sees more tax returns with real estate issues than just about […]

Cloud Accounting Software

Cloud accounting software

Selecting Accounting Software: Which is Right for Your Small Business? Guest post written by Radhika Patke Introduction: Understanding the Benefits of Cloud Accounting Software Cloud accounting software has revolutionized the way businesses manage their financials. With the advent of online accounting tools, businesses no longer have to rely on traditional, on-premise software installations. Instead, they […]

1031 Qualified Intermediary

1031 Exchange

Section 1031 Exchange for Real Estate Investors – The Basics During a 1031 exchange, the IRS requires the use of a Qualified Intermediary (QI). The QI is responsible for documenting and managing the process of a 1031 exchange. This article reviews the role of a QI and what to look for when choosing one. Section […]

Tax Levy vs Garnishment: What is the Difference?

IRS tax levy and wage garnishment

How to Handle an IRS Tax Levy or Wage Garnishment Is there a difference between a tax levy and a garnishment? A federal tax levy is the seizure of money or other property by the government to pay off back taxes. A garnishment is a type of levy, where the IRS seizes wages to pay […]

Georgia Offer in Compromise and Tax Payment Plan

Georgia Offer in Compromise

Georgia State Tax Forgiveness: How it Works The Georgia Department of Revenue (GA DOR) allows taxpayers to settle a tax liability for less than the total amount owed.   This is called an offer in compromise and is one of the more popular tax debt relief programs in Georgia.    These programs are also known as […]

IRS Notice CP2000: What is It?

IRS Notice CP2000

What is IRS Notice CP2000? IRS Notice CP2000 is one of the most common IRS letters that we see in our CPA practice.  The IRS mails these notices to taxpayers when information from a third party source (such as a 1099 or W-2) does not match the information the taxpayer reported on their tax return.  […]

The Significance of a Joint Tax Return

Marriage and Joint Tax Return

Filing a Joint Tax Return: What Does Married Filing Jointly Mean? Filing a joint tax return allows married taxpayers to enjoy favorable tax rates.   In other words, the total tax is usually lower on a tax return filed with the status of married filing jointly (MFJ).  The other types of filing status are single, married […]

Hobby Loss Rules: What to Do?

Hobbies and IRS Hobby Loss Rules

Hobby Loss Rules:  Can You Deduct Hobby Expenses in 2023? Business losses are deductible.  Hobby losses are not deductible.  So the key question is:  what is the difference between a business and a hobby? The hobby loss rules are a trap for new business owners.   If the IRS determines that your activity is a hobby […]