Georgia Offer in Compromise and Tax Payment Plan
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?
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
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?
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 […]
HRA for Small Business Owners
HRA Saves Thousands of Dollars in Tax Each Year for Small Business Owners Small business owners save thousands of dollars every year by using Health Reimbursement Arrangements (HRAs). The HRA allows business owners who are also employees in their business to deduct medical expenses as a business expense. This is usually much more valuable than […]
Taxes When Selling a Home
Tax Considerations When Selling a Home Many people move during the summer. We see this in our CPA practice every year. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home or residence, homeowners […]
Tax Relief: Appeal of a Tax Matter
What to Expect after Requesting an Appeal of a Tax Matter Appeal of a an IRS decision is a good option if you disagree with the IRS in a tax matter. You may be able to avoid the time and expense of a court trial by asking the IRS Independent Office of Appeals to review […]
Atlanta CPA Tip: Quarterly Taxes
Atlanta CPA Reminds about Quarterly Taxes Small business owners, investors and independent contractors who are required to pay quarterly taxes to the IRS should consider the June 15, 2023 deadline to stay current with their taxes. Why Make Quarterly Tax Payments? Taxpayers who do not have their taxes withheld from wages (payroll taxes) are required […]
Compensation: How Much to Pay Yourself
Maximizing Tax Savings for Entrepreneurs: Understanding Reasonable Compensation for LLCs and S Corporations Chances are you’ve seen something online about the potential tax savings of switching from an LLC to an S Corporation. However, most of these articles and videos gloss over the most important input of this decision – how much to pay yourself. […]
Guide to IRS Payment Plans or Installment Agreements
The Basics of IRS Payment Plans or Installment Agreements IRS installment agreements, also called IRS payment plans, are offered to taxpayers looking for a way to pay their tax to the government in monthly amounts. Installment agreements are among the most popular programs requested by clients at our Atlanta CPA firm. There are several variations […]