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January 2019 Archives

Tax deductions individuals can take in 2019

While the tax law has changed in recent years, there are still many deductions that Georgia residents may be entitled to in addition to the standard deduction. For example, it may be possible to take a deduction for student loan interest up to $2,500. This is true for single filers who have a modified adjusted gross income of $80,000 or less. The amount increases to $165,000 for married couples filing jointly.

Keeping tax records forever isn't a bad idea

Georgia residents and others are advised to keep a physical and digital copy of a tax return for as long as they live. This can be helpful in the event that the IRS claims a person hasn't filed a return in a given year or filed a fraudulent return. Furthermore, the government generally has no deadline to come after a taxpayer who understates his or her income on a tax return.

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