2023 is here and there are a number of Georgia business deadlines, returns to file, and licenses to renew. Below is a list of some of the more common dates to remember:
Please feel free to reach out if we can assist you with any of these items. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2023 is rapidly approaching and most potential strategies to reduce your 2022 tax liability expire on 12/31/22. Now is the time to review your situation and implement any potential tax savings measures!
Both Individuals and Business owners have a number of potential moves that they can make prior to year-end. Below are a few of the most common: INDIVIDUAL TAX PLANNING
BUSINESS TAX PLANNING
In addition to analyzing potential tax saving strategies, the end of the year is a good time to review other common issues and make sure you are in compliance.
This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2022 is right around the corner and most strategies to reduce your 2021 tax liability expire on 12/31/21. Now is a great time to review your situation and implement any potential tax saving measures. Below are a few of the most common individual planning opportunities:
2021 is here and there are a number of Georgia business deadlines, returns to file, and licenses to renew. Below is a list of some of the more common dates to remember:
Please feel free to reach out if we can assist you with any of these items. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. As you are cleaning up and storing your records from the current tax season, or preparing for the upcoming tax season, you may wonder exactly how long you are supposed to keep all of these documents?
The answer of course is that it depends. The IRS recommendations for keeping documents are based on the statute of limitations to amend or audit your return and that period of time can vary based on the situation. Below is a general list of tax documents and guidelines for how long to keep and when you can dispose. These are general guidelines and can vary. If you are involved in a lawsuit, bankruptcy, or other financial dispute, keep documents pertaining to those events forever. At Least a Year Keep monthly accounts statements and pay stubs for at least a year. If they match up with your annual W-2 or brokerage statement you can generally shred these after a year. At Least Three Years You should keep any tax return supporting documents (W-2’s, 1099,’s etc.) for at least three years after the return filing deadline, although many find it easier to just hold all of this for seven years. If you have investments, real estate, or other property you will want to keep the records pertaining to that property until at least three years AFTER it has been sold or disposed. Seven Years Technically you only need to keep certain records (related to worthless securities and/or bad debt deductions) for seven years. However, I generally recommend keeping most supporting documents for seven years, then taking out the tax returns, and shredding the rest in year eight. Forever Keep your filed tax returns forever. Keep ALL your records indefinitely if you do not file a return. Keep all your records indefinitely if you file a fraudulent return. Check out the IRS article on this issue here for more detailed information: When disposing of old documents, remember to always shred or burn sensitive documents including anything with your social security number on it. In addition, as you are organizing, we also recommend maintaining two files/folders of information: First, a Temporary File of tax documents or records for the upcoming tax season. Start a file for all these items at the beginning of the year and then add to it as items come in. That way you will be ready for filing season without having to spend any additional time to search and compile documents. Second, a Permanent File in a fireproof safe or safe deposit box that contains insurance policies, social security cards, passports, will/trust agreements, birth certificates, power of attorney documents, deeds, mortgage information, titles, etc. If you ever have any questions about what to keep, feel free to reach out. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2020 is right around the corner and most strategies to reduce your 2019 tax liability expire on 12/31/19. Now is a great time to review your situation and implement any tax savings measures. Business owners have a number of potential moves that they can make prior to year end. Below are a few of the most common:
This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2019 is here and there are a number of Georgia business deadlines, returns to file, and licenses to renew. Below is a list of some of the more common dates to remember:
Please feel free to reach out if we can assist you with any of these items. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2019 is right around the corner and most potential strategies to reduce your 2018 tax liability expire on 12/31/18. Now is the time to review your situation and implement any potential tax saving measures. Below are a few of the most common individual planning opportunities:
We have also recently posted a Business Year-End Tax Planning article for business owners and the self-employed. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. 2019 is right around the corner and most potential strategies to reduce your 2018 tax liability expire on 12/31/18. Now is the time to review your situation and implement any potential tax savings measures. Business owners have a number of potential moves that they can make prior to year-end. Below are a few of the most common:
In addition to analyzing potential tax saving strategies, the end of the year is a good time to review other common issues and make sure you are in compliance.
We have also posted an Individual Year-End Tax Planning article that you can review in conjunction with this article. This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. This is the third article in a four part series of articles about the 2018 tax law changes and how they will affect individual and business returns filed in 2019. You can access the first article, General Changes to Individual Returns, here, and the second article, The New QBI Deduction for S-Corporations and Other Pass-Through Entities, here. The IRS recently issued a notice regarding transitional guidance about coming proposed regulations dealing with legislative changes under the 2017 Tax Cuts and Jobs Act (TCJA). This guidance specifically addresses the elimination of the entertainment expense deduction, while at the same time clarifying treatment of certain business meal expenses. Prior to the TCJA, business taxpayers could deduct 50% of business meals AND 50% of business entertainment, provided the meals and entertainment expenses met certain qualifications and were directly related to the active conduct of the taxpayer’s trade or business. Fast forward to current law. The new law DISALLOWS "a deduction for any item with respect to an activity that is of a type generally considered to constitute entertainment, amusement, or recreation." Entertainment expenditures (whether business related or not) are no longer deductible. However, after the passage of the TCJA there were many questions in the tax community about the continued deductibility of certain business meals and how that would interact with the elimination of entertainment deductions. Responding to requests for guidance on the issue, the IRS recently issued a notice that clarifies the issue. (If you would like to read the full notice you can do so here.) Under this notice, taxpayers may deduct 50 percent of an otherwise allowable business meal expense if:
Business Taxpayer A takes Client B to a baseball game and buys both the tickets to the game, and food and drinks while at the game. Under the new law Taxpayer A will no longer be able to deduct any portion of the ticket price, since that constitutes entertainment, but would still be able to deduct 50% of the cost of food and drinks purchased (assuming the meal meets all the other requirements for deductibility and assuming it is separately stated from the ticket price on the receipt or invoice). The main takeaways here are:
This is general information and a brief summarization of complicated tax issues which are often subject to many exclusions and limitations. We make every effort to verify the accuracy of all information but we do not guarantee or warranty advice disseminated over the internet. Please give us a call to discuss potential strategies and ensure they make sense for your specific situation. |
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