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May 2016 Archives

Planning for taxes in retirement

Georgia residents who are planning their retirements often forget to take into account taxes. Even people who have put a lot of thought into building their retirement portfolios have no idea what they will owe the IRS once they start making withdrawals from their savings. A retiree that is taxed at 15 or 25 percent will have a much more difficult time making money last than a retiree whose income is not taxed.

Final Georgia state tax refunds soon on their way

For Georgia residents who are still waiting to receive their state income tax refunds, the end may finally be near. The state greatly slowed the processing time for state income tax refunds beginning in February due to issues with tax fraud and associated IRS issues.

Likelihood of IRS audit may increase

Georgia taxpayers may be at increasing risk of an IRS audit in the years ahead. At present, the IRS audits fewer than 1 percent of taxpayers, but audits may go up based on hiring news from the agency. Despite a claim that budget cuts would leave it unable to make new hires, 700 enforcement and audit personnel have been added to its staff.

Warning list to avoid scams and risk of IRS audit

Tax fraud and evasion pose serious problems for both Georgia taxpayers and the IRS alike. They cost the agency resources every year and can lead to even innocent taxpayers facing stiff penalties. To heighten public awareness, the IRS publishes an annual list of the top 12 tax scams. The 2016 list includes falsification of wages, exaggerated claims and off-shore sheltering of assets. It also lists several scams Georgia residents should be wary of during tax season.

Handling tax return errors

When Georgia residents make a mistake when filing their tax returns, it does not automatically mean that they will be audited. Depending on the type of error made and what attempts are made to resolve it, the matter may simply involve dealing with some paperwork.

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