by Jonathan Bill | Nov 20, 2020 | COVID-19, Small Business, Tax Season
When the Tax Cuts and Jobs Act (TCJA) was passed in 2017, it changed the way charitable contributions were handled at tax time. Basically, you can only deduct donations to charity if you itemize your deductions. And the TCJA makes itemizing less enticing for most...
by Jonathan Bill | Nov 3, 2020 | Biz Taxes, Personal, Small Business, Tax Season
Each year, the IRS adjusts income thresholds, deduction amounts and tax tables for inflation using the Chained Consumer Price Index (C-CPI) as the basis for its changes. The adjustments recently announced will affect your 2021 deduction limits and tax brackets (for...
by Jonathan Bill | Sep 25, 2020 | Personal, Tax Season
If you, your spouse or your dependent child takes college classes — whether online or in-person, part-time or full-time — you may be able to offset some of the costs with tax credits. These credits reduce the amount of tax you owe. And if the credit reduces your tax...
by Jonathan Bill | Apr 13, 2020 | Biz Taxes, IRS, Tax Season
Notice #1: Additional Returns Postponed As previously announced, the IRS has provided filing and payment relief for federal income tax returns and payments due April 15, 2020. Last week, additional automatic (no application required) tax-filing and payment-deadline...
by Jonathan Bill | Mar 30, 2020 | COVID-19, Tax Season
You have questions? We have answers … well, mostly we do! With all the changes to the current tax season, the IRS and the State of Georgia are constantly updating details and requirements. To help condense some of this information, we’ve answered some of the more...
by Jonathan Bill | Mar 16, 2020 | Tax Season
During a recent Oval Office address, President Trump said the IRS would extend the April 15, 2020, federal income tax filing deadline. However, as of now, the IRS has not yet announced a new date, and it’s not yet clear if the new deadline would apply to all...
