Earned Income Tax Credit (EITC): This credit is designed to help low-income taxpayers. It is a refundable credit that can provide a significant tax refund, even if you owe no tax. The credit amount depends on your income, filing status, and number of dependents. Child Tax Credit: This credit is available to taxpayers who have… [Read More]
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How to Schedule an Entity Formation Consultation with a Tax Advisor?
To schedule an entity formation consultation with a tax advisor, you can follow these steps: Research tax advisors: Start by researching tax advisors in your area or online. Look for advisors with experience in entity formation and taxation. Contact the tax advisor: Once you have identified a tax advisor that you would like to work… [Read More]
Each Retirement Account Has Its Own Unique Features And Tax Benefits
401(k) Plan: This is a type of employer-sponsored retirement plan where employees can contribute a portion of their salary on a pre-tax basis. Employers may also offer matching contributions. The contribution limit for 401(k) plans is $20,500 in 2022. Traditional IRA: This is a type of individual retirement account where individuals can make pre-tax contributions… [Read More]
Home Solar Energy System: Do I Need To Pay Taxes On The Energy I Generate For My Home?
Taking Care of your Crypto Taxes Also, remember that if you have any crypto tax obligations for the 2022 tax year, you need to report it. Join the thousands of individuals in the State of Georgia that trust their taxes to Daniel Ahart each year! Schedule An Appointment Appointments are encouraged so that we are… [Read More]
What Are Federal Solar Credits And How To Claim Them In Tax Returns?
For solar energy systems that begin construction before January 1, 2022, the tax credit is equal to 26% of the cost of the system. For solar energy systems that begin construction between January 1, 2022, and December 31, 2022, the tax credit is equal to 22% of the cost of the system. For solar energy… [Read More]
Retiree Tax Break for Georgia Seniors
Current ID Social Security Employment Authorization (if applicable) Proof of Income (Form W2, Form 1099, Bank Statements) Form 1095A Health Insurance Virtual currency transaction reports Dependents (ID, birth certificate, school or medical report) *Actual address (Bill) Bank Information (Route and account number), it is necessary if you receive a refund or if you want to… [Read More]
Georgia Storm Victims Qualify For Tax Relief
Current ID Social Security Employment Authorization (if applicable) Proof of Income (Form W2, Form 1099, Bank Statements) Form 1095A Health Insurance Virtual currency transaction reports Dependents (ID, birth certificate, school or medical report) *Actual address (Bill) Bank Information (Route and account number), it is necessary if you receive a refund or if you want to… [Read More]
Georgia Residents Can Now Claim A Fetus As A Dependent On Their Tax Returns For A $3,000 Exemption
Georgia Will Give You A $3000 Tax Cut For Your Fetus The state’s “fetal personhood” provision now includes a $3000 tax exemption starting at around six weeks of pregnancy. As informed in a previously article, once the Supreme Court reversed Roe in June 2022, many expected the courts to revisit Georgia’s law. That effectively happened… [Read More]
If I Have A Holiday Craft Business, Will I Receive A Form 1099-K?
You will receive a Form 1099-K if you accepted payments from a third party settlement organization where, the total number of your transactions exceeded 200, and the aggregate amount of payments you received with respect to any participating payee exceeded $20,000 in the calendar year. Get The Help You Need When You Are Ready To… [Read More]
How to Handle a 1099-K for Personal Payments
Venmo and PayPal Tax Reporting Change Many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you’ll receive Form 1099-K, which reports income to the IRS, for business transfers over $600. If you receive a 1099-K for business transfers, you’ll also report that income, along with… [Read More]
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