Tax planning is not the same as tax preparation. Tax prep is the process of preparing and filing your tax return each year. Tax planning, on the other hand, is a year-round process designed to help you make smart, tax-advantaged decisions that impact your personal and business finances.
Every business is different, but every business faces the decision on whether to buy or lease equipment. Whether it’s a new computer system for your office or a new truck for your construction business, there are plenty of considerations.
Many of you meet with us at tax time, when you’re closing out your year — or trying to figure out why your tax bill suddenly went up! But there are plenty of other times throughout the year that we can help — and maybe save you some money!
If your small business has employees, you need to withhold and pay Georgia AND Federal income tax on a regular basis. There are five possible payment schedules for withholding taxes in Georgia: Next-business-day, Semi-weekly, Monthly, Quarterly and Annually.
In July, the Federal Reserve lowered the federal funds rate. Typically, such a rate cut is a preventive measure designed to keep the economy on track. Lower rates put more money into the economy, encouraging businesses to invest and consumers to spend and borrow. While lower interest rates do help, they don’t help everyone.
In the battle against identity theft, the IRS is now permitting employers to use truncated (shortened) taxpayer identification numbers (TTINs) on W-2 Forms that are given to employees.
Much of the State of Georgia’s tax revenue comes from Sales and Use Tax. In general, the State of Georgia assumes that all sales are subject to sales tax until proven otherwise. The burden of proof that a sale is not subject to sales tax is on the person who makes the sale (unless the seller receives a valid ST-5 Sales Tax Certificate of Exemption from the buyer).
The Peach State is among the top 10 tax-friendly states for retirees, as ranked by Kiplinger in 2017. Social Security income is exempt from Georgia state taxes, as is up to $35,000 of most types of retirement income for anyone age 62 to 64. When you hit 65, the exemption rises to $65,000 per taxpayer.
People tend to underestimate how much they are going to need for retirement. Americans aged 65-74 currently spend an average of $55,000 a year. But 60% of Baby Boomers who haven’t yet retired believe they will need less than that to live on. Unfortunately, that statistic is just one of the many disconnects we have over the need for retirement savings.