Identity Theft—The IRS Has Your Back
In the battle against identity theft, the IRS is now permitting employers to use truncated (shortened) taxpayer identification numbers (TTINs) on W-2 Forms that are given to employees.
Georgia Sales Tax: Your Questions Answered
Much of the State of Georgia’s tax revenue comes from Sales and Use Tax. In general, the State of Georgia assumes that all sales are subject to sales tax until proven otherwise. The burden of proof that a sale is not subject to sales tax is on the person who makes the sale (unless the seller receives a valid ST-5 Sales Tax Certificate of Exemption from the buyer).
Georgia Loves Its Retirees!
The Peach State is among the top 10 tax-friendly states for retirees, as ranked by Kiplinger in 2017. Social Security income is exempt from Georgia state taxes, as is up to $35,000 of most types of retirement income for anyone age 62 to 64. When you hit 65, the exemption rises to $65,000 per taxpayer.
The Million Dollar Question: Are You (Really) Ready for Retirement?
People tend to underestimate how much they are going to need for retirement. Americans aged 65-74 currently spend an average of $55,000 a year. But 60% of Baby Boomers who haven’t yet retired believe they will need less than that to live on. Unfortunately, that statistic is just one of the many disconnects we have over the need for retirement savings.
Section 179 Expensing: Great News for Rental Property Owners
When you own rental property, your best tax deduction is usually depreciation. Unfortunately, the depreciation period for residential rental property is 27.5 years. That’s a long wait to deduct the full cost.
Personal Finance: The Fine Art of Estimating Tax Payments
Our tax system is a “pay-as-you-go” process, which is all pretty straightforward when you receive a regular paycheck, and money is withheld on your behalf. But when you are self-employed — or earn certain other types of income — making estimated tax payments is your responsibility. If you don’t pay in enough during the year to cover your taxes, you could be faced with an underpayment penalty.
The More You Know: How Do Americans Spend Their Money?
Ever wonder if it’s just your imagination — or are prices really going up? You’ll find the answers in some fascinating data from the U.S. Bureau of Labor Statistics (yes, there really is such a thing).
The Fight Against “Bracket Creep”
Each year, the IRS makes adjustments for inflation to more than 40 different tax provisions. The idea is to prevent what is known as “bracket creep.” Without these annual adjustments, you could find yourself creeping into a higher income tax bracket — or lose value from credits and deductions.
Tax Reform — Boon or Bust?
The Tax Cuts and Jobs Act (TCJA) was announced with much fanfare at the end of 2017. The Act amended the Internal Revenue Code of 1986, including reducing tax rates for businesses and individuals. With tax season now in the rearview mirror, let’s look at what tax reform did and did not accomplish.