Dec
11

You may need to add RMDs to your year-end to-do list

As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age”[...]

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Dec
07

Why you may want to accelerate your property tax payment into 2017

Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed tax[...]

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Nov
14

The ins and outs of tax on “income investments”

Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So[...]

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Nov
06

Retirement savings opportunity for the self-employed

Did you know that if you’re self-employed you may be able to set up a retirement plan that allows you to contribute much more than you can contribute to an IRA or even an employer-sponsored 401(k)? There’s still time to[...]

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Oct
30

2 ACA taxes that may apply to your exec comp

If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or nonqualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,”[...]

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Oct
23

Accelerate your retirement savings with a cash balance plan

Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper retirement-planning[...]

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Oct
11

Tax Saving Opportunity- Georgia’s Retraining Tax Credit

The state of Georgia offers an excellent tax saving opportunity for businesses of all sizes and forms with the State’s retraining credit.  If your business has invested in training your employees on newly installed equipment or technology or a newly[...]

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Oct
09

Investors: Beware of the wash sale rule

A tried-and-true tax-saving strategy for investors is to sell assets at a loss to offset gains that have been realized during the year. So if you’ve cashed in some big gains this year, consider looking for unrealized losses in your[...]

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Sep
18

Tax Issues to Consider for Dependents with Summer Jobs

With summertime behind us, many parents have recruited the help of their children at their companies during the child’s time off from school. Summer jobs not only keep the child busy and productive, they also teach them the responsibility of[...]

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Sep
18

Segregation of Duties for businesses with limited staff

Small businesses often face the problem of properly separating job functions due to limited staffing.  Having one employee performing such tasks as reconciling the bank statement, paying the company bills, receiving customer payments and making the related general ledger entries[...]

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Sep
18

Watch out for potential tax pitfalls of donating real estate to charity

Charitable giving allows you to help an organization you care about and, in most cases, enjoy a valuable income tax deduction. If you’re considering a large gift, a noncash donation such as appreciated real estate can provide additional benefits. For[...]

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Sep
12

The ABCs of the tax deduction for educator expenses

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But let’s not forget about the teachers. It’s[...]

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Sep
12

Yes, you can undo a Roth IRA conversion

Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions[...]

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Sep
06

Put your audit in reverse to save sales and use tax

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim —[...]

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Aug
29

Will Congress revive expired tax breaks?

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep[...]

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Jul
23

Hacking and Why Password Security is so Important

In recent years, cyber hacking has been on an exponential rise. Every other day there seems to be a story in the news regarding some form of cyber hacking or IT security breach. One can draw the similarities between cyber[...]

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Jul
23

3 midyear tax planning strategies for business

Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed[...]

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Jun
30

Claiming a federal tax deduction for moving costs

Summer is a popular time to move, whether it’s so the kids don’t have to change schools mid-school-year, to avoid having to move in bad weather or simply because it can be an easier time to sell a home. Unfortunately,[...]

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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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