Jun
19

Pay attention to the details when selling investments

The tax consequences of the sale of an investment, as well as your net return, can be affected by a variety of factors. You’re probably focused on factors such as how much you paid for the investment vs. how much[...]

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Jun
06

Contributions to Rural Hospitals Generate Georgia Tax Credit

A new Georgia Tax Credit which was signed into law in 2016 by Governor Deal just received another boost during the 2017 Legislative Session. Rural hospitals in Georgia contribute $47.8 billion to the state’s economy each year, supplying 143,000 direct[...]

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Jun
06

Is Your Company Prepared for A Natural Disaster?

This is a loaded question: “Is your company prepared for a natural disaster?” Our firm, in early 2015, would have to answer that question with a big fat NO. By mid-2015 we started wrestling with the thought of what we[...]

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Jun
06

Donating a vehicle might not provide the tax deduction you expect

All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle[...]

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May
30

Business Owners: When it comes to IRS audits, be prepared

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business[...]

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May
22

Real estate investor vs. professional: Why it matters

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive[...]

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May
05

Turning next year’s tax refund into cash in your pocket now

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government[...]

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May
05

Trying to determine whether all your finances are in shape?

Answer these questions honestly to determine places where you may need to shore up your finances: Do you have a financial plan? It’s difficult to achieve your financial goals by accident. Typically, you’ll need a formal plan that includes steps[...]

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May
01

Do you know the tax implications of your C corp.’s buy-sell agreement?

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are[...]

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Apr
10

Saving tax with home-related deductions and exclusions

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative[...]

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Apr
07

Charitable Contributions Must Pass Strict Documentation Rules

Under the tax code, no deduction can be claimed on your tax return for any contribution to a charitable organization of $250 or more unless the taxpayer substantiates the contribution with a contemporaneous written acknowledgment of the contribution by the donee[...]

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Mar
27

Who can, and should, take the American Opportunity credit?

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child[...]

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Mar
20

2016 IRA Contributions- It’s not too late!

Yes, there’s still time to make 2016 contributions to your IRA. The deadline for such contributions is April 18, 2017. If the contribution is deductible, it will lower your 2016 tax bill. But even if it isn’t, making a 2016[...]

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Mar
13

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their[...]

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Mar
10

The Important “P”s of Compliance

Times change. I don’t think there is a single week that goes by that I don’t learn something new in the world of Banking Compliance. Whether there is a new regulation taking effect or just looking at an old requirement[...]

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Mar
06

Tangible property safe harbors help maximize deductions

If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,”[...]

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Feb
27

Deduct all of the mileage you’re entitled to- but not more

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. But you might also be able to[...]

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Feb
20

Do you need to file a 2016 gift tax return by April 18?

Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason[...]

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Feb
13

What you need to know about the tax treatment of ISOs

Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a[...]

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Feb
06

The “manufacturers’ deduction” isn’t just for manufacturers

The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies.   Sec.[...]

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Jan
20

Help prevent tax identity theft by filing early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return[...]

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Jan
06

Applying Business Strategy Outside the Business

About eight years ago, I was asked to speak at an accounting honor society function at my alma mater, Georgia Southern University. At the time, the professional and technical topics were unlimited. The tax code had changed eight times in[...]

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Jan
05

Tax Relief for Victims of Hurricane Matthews

Several federal filing and payment deadlines have been extended to March 15, 2017 for Georgia taxpayers in Bryan, Camden, Chatham, Glynn, Liberty, McIntosh, Brantley, Candler, Emanuel, Evans, Jenkins, Long, Pierce, Tattnall, Toombs, Wayne, Bulloch, Effingham, and Screven County. The Secretary[...]

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Jan
04

Few changes to retirement plan contribution limits for 2017

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has[...]

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Dec
27

Want to save for education? Make 2016 ESA contributions by December 31.

There are many ways to save for a child’s or grandchild’s education. But one has annual contribution limits, and if you don’t make a 2016 contribution by December 31, the opportunity will be lost forever. We’re talking about Coverdell Education[...]

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Dec
12

Can you pay bonuses in 2017 but deduct them this year?

You may be aware of the rule that allows businesses to deduct bonuses employees have earned during a tax year if the bonuses are paid within 2½ months after the end of that year (by March 15 for a calendar-year[...]

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Dec
05

Ensure your year-end donations will be deducted on your 2016 return

Donations to qualified charities are generally fully deductible, and they may be the easiest deductible expense to time to your tax advantage. After all, you control exactly when and how much you give. To ensure your donations will be deductible[...]

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Nov
30

Trump’s Tax Plan: Year-End Moves to Consider

President-Elect Donald Trump’s proposed tax plan contains many significant changes to the tax code. In general terms, we can reasonably expect two changes likely to occur—individual tax rates to decrease and allowable itemized deductions to be limited. This article will[...]

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Nov
30

Salary & Overtime Changes- What You Need to Know

In the current, highly politicized climate filled with all sorts of information, it can be hard to discern what you actually need to know. It can be harder still to know what you need to do about it all. Beyond[...]

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Nov
30

Year-End Tax Tips for Employees

As year-end approaches, taxpayers generally are faced with a number of choices that can save taxes this year, next year or both years. Employees too are faced with these choices. However, employees have some special considerations to take into account[...]

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Nov
28

Accelerating your property tax deduction to reduce your 2016 tax bill

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current[...]

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Nov
23

Year-end tax strategies for accrual-basis taxpayers

The last month or so of the year offers accrual-basis taxpayers an opportunity to make some timely moves that might enable them to save money on their 2016 tax bill. Record and recognize The key to saving tax as an[...]

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Nov
21

A quick look at the President-elect’s tax plan for businesses

The election of Donald Trump as President of the United States could result in major tax law changes in 2017. Proposed changes spelled out in Trump’s tax reform plan released earlier this year that would affect businesses include: Reducing the[...]

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Nov
14

There’s still time to set up a retirement plan for 2016!

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a[...]

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Nov
07

It’s Critical to be Aware of the Tax Rules Surrounding Your NQDC Plan

Nonqualified deferred compensation (NQDC) plans pay executives at some time in the future for services to be currently performed. They differ from qualified plans, such as 401(k)s, in that: • NQDC plans can favor certain highly compensated employees, • Although[...]

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Nov
03

Avoiding an IRS Notice: The ABC’s of Healthcare Reporting

With the passing of the Affordable Care Act, reporting of healthcare coverage has become extremely complex. There has been an increased outflow of notices distributed by the Internal Revenue Service for incorrect and omitted reporting and reconciliation of healthcare coverage[...]

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Nov
03

Retirement Planning

Like many big decisions in life – retirement is much less stressful when you have a well thought out plan in advance. In most cases, we are given the opportunity to establish a retirement plan of our own choosing; in[...]

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Nov
03

Success in the Workplace

Young children are taught and influenced by those around them and begin a lifelong journey of “training” for success. What personal success looks like is actually determined by each individual. However, in the workplace, it seems that success is directly[...]

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Oct
31

Beware of income-based limits on itemized deductions and personal exemptions!

Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout. Income thresholds If your adjusted gross income (AGI) exceeds the applicable threshold, most of your itemized[...]

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Oct
24

What the Self-employed Need to Know About Employment Taxes

In addition to income tax, you must pay Social Security and Medicare taxes on earned income, such as salary and self-employment income. The 12.4% Social Security tax applies only up to the Social Security wage base of $118,500 for 2016.[...]

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