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August 2017 Archives

Tax lien and levy not only IRS enforcement tools

Most Georgia taxpayers realize the IRS has numerous ways of recovering unpaid taxes. Common horror stories that keep citizens honest during tax season involve prison time for serious offenders, wage garnishments and possible imposition of a tax lien on real estate. It may surprise many to learn that the IRS can also exert influence over whether a citizen has the option to leave the country. Though there is no defense except for catching up on debt, there are some easy steps to avoid suffering the indignity of being refused the right to travel abroad.

Income tax considerations when selling a home

The gains generated by the sale of a primary residence can be significant, but this income is not subject to federal income tax in many situations. Georgia residents may qualify for this exclusion by establishing ownership and use. This is done by establishing that they have owned the property in question and used it as their primary residence for at least two of the five years preceding the sale.

Avoiding common tax errors to reduce audit chances

There are several common mistakes that some Georgia residents make with their tax returns that could lead them to be targeted for audits. By avoiding these errors, taxpayers may reduce their chances of being selected for audits. If they are facing audits, they may want to get help instead of trying to represent themselves.

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