Frequently Asked Questions

Is It Better to Itemize My Deductions Or Claim the Standard Deduction?

You’ll want to choose whichever produces the bigger write-off, but the only way to know for sure is to add up your itemized deductions and compare the result with your standard deduction. Therefore, it’s always helpful to keep your receipt because you’ll need them to calculate whether you’re better off itemizing your deductions or claiming... [Read More]

5 Steps To Take Before You Prepare Your Taxes

Tax Planning and Prep Work Can Save You Time And Money Gather all the annual tax documents you’ve received that record your taxable income and deductible expenses, most of which will arrive by the end of January. Collect all your receipts and organize them by category if you itemize your deductions. Ask your tax preparers... [Read More]

What Are 3 Basic Tax Planning Strategies?

There are a number of ways you can go about tax planning, but it primarily involves three basic methods: reducing your overall income increasing your number of tax deductions throughout the year taking advantage of certain tax credits Read FAQs on Business Taxes – Read FAQs on Personal Taxes.

As An Employer Withholding Payroll Taxes, Do I Need to Issue W-2 Forms to My Employees?

Yes, employers who withhold payroll taxes issue Form W-2 to employees. Now, the IRS has introduced the Form 1099-NEC just for reporting independent contractor income (officially known as “non-employee compensation”). So if you work with contractors and your business paid those contractors more than $600 each in a tax year, you’re required to file Form... [Read More]

What Are Some Strategies I Can Use To Prepare To File My Taxes Early Each Year?

These are some strategies you can use to prepare to file taxes early each year Talk to your accountant about a tax checkup for year 2023 – Learn if you’re on track and may uncover ways to save over the next months. Gather and organize your tax records – Organized tax records make preparing a... [Read More]

Why Is The State Providing A Tax Refund To All Eligible Georgia Taxpayers?

HB 1302 Tax Refund for 2020 taxes due to state revenue surplus The state of Georgia is returning more than a billion dollars to Georgia taxpayers as part of our continuing commitment to budget conservatively while meeting the needs of a growing, thriving state. “When government takes in more than it needs, I believe those... [Read More]

Who’s Eligible For The State Tax Refund?

HB 1302 Tax Refund for 2020 taxes due to state revenue surplus Any Georgian who was a full-year resident in 2020 and 2021 and who also filed a Georgia individual income tax return for 2020 and 2021 is eligible for the refund. The Department of Revenue will automatically update your account and will send the... [Read More]

When Will I Receive This HB-1302 Tax Refund?

A bill signed by Gov. Brian Kemp will send direct payments to Georgia taxpayers Georgia experienced a revenue surplus, allowing an income tax refund. House Bill 1302 was signed into law by Governor Kemp on March 23, 2022, so some taxpayers may have already filed their 2021 returns. Read also: HB 1302 Tax Refund Explained

What Might Reduce The Amount Of This Tax Refund?

Taxpayers who have already filed their taxes for tax year 2021 will not need to adjust their tax returns Under HB 1302, any refund due would be subject to offset first against existing liabilities owed to the state. Any remaining amount will be refunded to the taxpayer. However, a refund may also be subject to... [Read More]

What Do I Need To Do To Qualify For The HB 1302 Tax Refund??

What do I need to do to qualify for the HB 1302 tax refund? The tax relief bill provides a one-time refund of $250 to $500, depending on your filing status. You need to have filed your 2020 return and your 2021 return by the deadline for filing the 2021 return (including any extension granted... [Read More]