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August 2017 Archives

Ransomware scam puts taxpayers in danger

Taxpayers in Georgia should be on the lookout for an email scam that may hold a person's computer data for ransom. The ransomware scheme sends a message to taxpayers using the logos of both the FBI and the IRS, and it asks recipients to download a questionnaire from the FBI. However, recipients should know that the regulations cited in the email are fake and the link does not lead to any sort of legitimate document.

Vacation homes and potential tax considerations

Many Georgians own vacation homes and might wonder if they might face tax consequences if they choose to rent them out when they are not using them. It can be smart to recoup some of the expenses that people incur with the maintenance costs, mortgages and property taxes of vacation homes through renting them when they are not in use. However, the owners should be aware of the ways that the IRS treats rental income that is derived from such rentals.

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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