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March 2015 Archives

Learning about tax-free income for Georgia residents

In many cases, individuals are required to pay taxes on any income from wages, investments or prize winnings. However, there are times when income is not considered to be taxable. For instance, if an individual wins an award, he or she may not need to pay taxes on any money that comes with the award. This is true if the winner does not need to perform substantial services in the future or if the money is donated to charity.

Handling audits conducted by the IRS

Georgia taxpayers who are concerned about an IRS audit should not be too worried about the possibility. The incidence of audits, which are rare occurrences in the first place, has been dropping over the past few years. Of the ones that do occur, most are done through the mail and not face-to-face with an IRS agent. Cuts to the IRS budget over the last few years has resulted in staff cuts, and this means there are fewer agents to audit and fewer people getting audited.

Uninsured Georgia taxpayers average $172 for ACA tax penalty

The Affordable Care Act, more commonly known as Obamacare, is in its first year of "shared responsibility payments" as the tax season reaches its highest pitch. Estimates state the current penalty fees for a taxpayer without health insurance amount to about $172, and this number may continue to increase as more tax returns from around the country come in.

Strategies for succeeding during a business tax audit

Georgia business owners may be interested in some information about different types of strategies they might employ to be successful during a tax audit. Due to the importance of doing well during these audits, it is crucial that the taxpayer do everything they can to avoid further penalties.

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