Timing is critical in determining when to purchase equipment for businesses. The year in which the equipment is purchased and is available and ready for use plays a significant role in determining the amount allowable depreciation and tax liability for a given year. For more on asset acquisition, some planning tips, and to learn about depreciation rules, read this C.P.A Insight.
If your student is tired of seeing Uncle Sam take money from him each paycheck, he may be in luck. Students, who have summer or part-time jobs, may be exempt from paying federal withholding tax if certain requirements are met. This C.P.A. Insight details the circumstances that must be met to stop the withholding deduction.
If your teen is learning to drive, consider looking into the Georgia driver education income tax credit.
The Kiddie Tax prevents parents from shifting investment income a child who is taxed at a lower rate compared to the parents.
Just because you work for yourself doesn’t mean you need to miss out on the savings opportunity a 401(k) provides.
The rules for Roth IRAs are one of the least complicated sets of rules that the IRS has established in some time. To see if you qualify to participate this year, just check out the following guidelines.
Attracting the right staff that will support the mission of your company is often achieved by offering competitive benefits like retirement plans.
As an educator, if you buy supplies for your classroom, save those receipts! The Educators’ Deduction can be used to reduce adjusted gross income.
How much you owe in taxes on your capital gains depends on the holding period. Your holdings can be deemed either short-term or long-term.
The state of Georgia offers many tax credits to businesses. These credits are sometimes overlooked or not fully understood by many tax preparers. If your company pays Georgia income taxes, including pass-through entities, these tax credits could save you money. Here is a brief overview of some of the tax credits your company could benefit from.
