Tax News cpa 30045,cpa 30044, cpa 30096, cpa 30024, cpa 30096, cpa 30047, cpa 30093, accountant 30045, accountant 30044, accountant 30046, accountant 30047, accountant 30096, accountant 30024, duluth accountant, lawrenceville accountant, dacula accountant, suwanee accoutant, buford accountant, duluth cpa, lawrenceville cpa, dacula cpa, buford cpa, suwanee cpa, norcross cpa, accounting atlanta ga, income tax calculator, georgia sales tax, capital gain taxes, CPA Tax Services, Cpa 30043, Income Tax,Sales Tax, Accounting, Bookkeeping, Property Tax, georgia accountant, georgia cpa, accountant, form 1040, incorporate in georgia, incorporating in georgia, incorporate, llc, financial statements,balance sheet, tax advice, homebuyer credit, lawrenceville cpa, 30043, 30044, 30045, 30096, income tax, accountant, cpa, tax help, irs problems, tax credit, taxes, tax advise, QuickBooks, financial statements, corporate tax, S-corporation tax, partnership tax, sole proprietorship tax, tax preparation, tax credit, homebuyer credit, tax preparation accountant, accounting tax return, corporate income tax preparation, corporate income tax filing, certified accountant, income tax preperation, business tax return preparation, sales tax consultant, sales tax exemption, sales tax certificate, sales tax advise, sales tax resale number, sales tax rates, how to get sales tax number, georgia sales tax https://www.atltaxcpa.com/Articles/feed/atom.html 2017-12-11T05:40:15Z Joomla! 1.5 - Open Source Content Management IRS Issues Guidance on Expanded Adoption Credit Available for Tax-Year 2010 2010-10-03T05:16:37Z 2010-10-03T05:16:37Z https://www.atltaxcpa.com/irs-issues-guidance-on-expanded-adoption-credit-available-for-tax-year-2010.html CPA Taxation [email protected] <p>Sept 29, 2010</p><p> WASHINGTON — The Internal Revenue Service today issued guidance on the expanded adoption credit included in the Affordable Care Act. The IRS also released a draft version of the form that eligible taxpayers will use to claim the newly-expanded adoption credit on 2010 tax returns filed next year. </p> <p>Sept 29, 2010</p><p> WASHINGTON — The Internal Revenue Service today issued guidance on the expanded adoption credit included in the Affordable Care Act. The IRS also released a draft version of the form that eligible taxpayers will use to claim the newly-expanded adoption credit on 2010 tax returns filed next year. </p> 529 Plans Expanded 2009-09-20T14:17:57Z 2009-09-20T14:17:57Z https://www.atltaxcpa.com/529-plans-expanded.html CPA Taxation [email protected] <p> Sept. 20, 2009</p><p>Tax-free college savings plans and prepaid tuition programs can be used to buy computer equipment and services for an eligible student during 2009 and 2010. These 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue Code — have, in recent years, become a popular way for parents and other family members to save for a child’s college education. Though contributions to 529 plans are not deductible, there is also no income limit for contributors.</p> <p> Sept. 20, 2009</p><p>Tax-free college savings plans and prepaid tuition programs can be used to buy computer equipment and services for an eligible student during 2009 and 2010. These 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue Code — have, in recent years, become a popular way for parents and other family members to save for a child’s college education. Though contributions to 529 plans are not deductible, there is also no income limit for contributors.</p> 2009 IRS Summer Time Tax Tips 2009-07-20T02:01:58Z 2009-07-20T02:01:58Z https://www.atltaxcpa.com/2009-irs-summer-time-tax-tips.html CPA Taxation [email protected] <p><strong> July, 30, 2009</strong></p><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=209">Seven Tips for Students with a Summer Job</a><br /></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=208">Tax Tips for Recently Married Taxpayers</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=210">Five Tax Facts about Summertime Child Care Expenses</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=211">Top Seven Tips for Taxpayers Starting a New Business</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=212">Tax Benefits for Job Seekers</a></h4> <p><strong> July, 30, 2009</strong></p><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=209">Seven Tips for Students with a Summer Job</a><br /></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=208">Tax Tips for Recently Married Taxpayers</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=210">Five Tax Facts about Summertime Child Care Expenses</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=211">Top Seven Tips for Taxpayers Starting a New Business</a></h4><h4><a href="https://www.atltaxcpa.com/index.php?option=com_content&view=article&id=212">Tax Benefits for Job Seekers</a></h4> Tax Benefits for Job Seekers 2008-07-20T02:47:06Z 2008-07-20T02:47:06Z https://www.atltaxcpa.com/tax-benefits-for-job-seekers.html CPA Taxation [email protected] <p>&nbsp;</p><p>Many taxpayers spend time during the summer months polishing their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return.</p> <p>Here are the top six things the IRS wants you to know about deducting costs related to your job search.</p> <ol><li> <div>In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.<br /> </div> </li><li> <div>You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.<br /> </div> </li><li> <div>You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers as long as you are looking for a new job in your present occupation.<br /> </div> </li><li> <div>If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.<br /> </div> </li><li> <div>You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.<br /> </div> </li><li> <div>You cannot deduct job search expenses if you are looking for a job for the first time.</div> </li></ol><p>&nbsp;</p> <p>&nbsp;</p><p>Many taxpayers spend time during the summer months polishing their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return.</p> <p>Here are the top six things the IRS wants you to know about deducting costs related to your job search.</p> <ol><li> <div>In order to deduct job search costs, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.<br /> </div> </li><li> <div>You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.<br /> </div> </li><li> <div>You can deduct amounts you spend for preparing and mailing copies of a résumé to prospective employers as long as you are looking for a new job in your present occupation.<br /> </div> </li><li> <div>If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.<br /> </div> </li><li> <div>You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.<br /> </div> </li><li> <div>You cannot deduct job search expenses if you are looking for a job for the first time.</div> </li></ol><p>&nbsp;</p> Top Seven Tips for Taxpayers Starting a New Business 2008-07-20T02:46:08Z 2008-07-20T02:46:08Z https://www.atltaxcpa.com/top-seven-tips-for-taxpayers-starting-a-new-business.html CPA Taxation [email protected] <p>&nbsp;</p><p>Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.</p> <ol><li> <div>First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.<br /> <br /> </div> </li><li> <div>The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.<br /> <br /> </div> </li><li> <div>An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.<br /> <br /> </div> </li><li> <div>Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.<br /> <br /> </div> </li><li> <div>Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used. <br /> <br /> </div> </li><li> <div>Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.<br /> <br /> </div> </li><li> <div>Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.</div></li></ol><p>&nbsp;</p> <p>&nbsp;</p><p>Anyone starting a new business this summer should be aware of their federal tax responsibilities. Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.</p> <ol><li> <div>First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.<br /> <br /> </div> </li><li> <div>The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.<br /> <br /> </div> </li><li> <div>An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.<br /> <br /> </div> </li><li> <div>Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.<br /> <br /> </div> </li><li> <div>Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used. <br /> <br /> </div> </li><li> <div>Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.<br /> <br /> </div> </li><li> <div>Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.</div></li></ol><p>&nbsp;</p> Five Tax Facts about Summertime Child Care Expenses 2008-07-20T02:45:05Z 2008-07-20T02:45:05Z https://www.atltaxcpa.com/five-tax-facts-about-summertime-child-care-expenses.html CPA Taxation [email protected] <p>&nbsp;</p><p>Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. </p> <p>Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the lazy hazy days of summer and throughout the rest of the year.</p> <p>1) The cost of day camp can count as an expense towards the child and dependent care credit.</p> <p>2) Expenses for overnight camps do not qualify.</p> <p>3) If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit. </p> <p>4) The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.</p> <p>5) You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.</p><p>&nbsp;</p> <p>&nbsp;</p><p>Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. </p> <p>Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the lazy hazy days of summer and throughout the rest of the year.</p> <p>1) The cost of day camp can count as an expense towards the child and dependent care credit.</p> <p>2) Expenses for overnight camps do not qualify.</p> <p>3) If your childcare provider is a sitter at your home or a daycare facility outside the home, you'll get some tax benefit if you qualify for the credit. </p> <p>4) The actual credit can be up to 35 percent of your qualifying expenses, depending upon your income.</p> <p>5) You may use up to $3,000 of the unreimbursed expenses paid in a year for one qualifying individual or $6,000 for two or more qualifying individuals to figure the credit.</p><p>&nbsp;</p> Seven Tips for Students with a Summer Job 2008-07-20T02:35:55Z 2008-07-20T02:35:55Z https://www.atltaxcpa.com/seven-tips-for-students-with-a-summer-job.html CPA Taxation [email protected] <p>&nbsp;</p><p>Many students get a summer job during their time off from school. Here are the top seven things the IRS wants everyone to know about income earned while working a summer job.</p> <p>&nbsp;</p><p>1. Taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an adequate amount of taxes to cover their total income tax liability. To make sure your withholding is correct, visit the Withholding Calculator on IRS.gov.</p> <p>&nbsp;</p><p>2. Whether you are working as a waiter or a camp counselor, you may receive tips as part of your summer income. All tip income you receive is taxable income and is therefore subject to federal income tax.</p> <p>&nbsp;</p><p>3. Many students do odd jobs over the summer to make extra cash. Earnings you received from self-employment are subject to income tax. These earnings include income from odd jobs like baby-sitting and lawn mowing.</p> <p>&nbsp;</p><p>4. If you have net earnings of $400 or more from self-employment, you will also have to pay self-employment tax. This tax pays for your benefits under the Social Security system. Social Security and Medicare benefits are available to individuals who are self-employed the same as they are to wage earners who have Social Security tax and Medicare tax withheld from their wages. The self-employment tax is figured on Form 1040, Schedule SE.</p> <p>&nbsp;</p><p>5. Subsistence allowances paid to ROTC students participating in advanced training are not taxable. However, active duty pay – such as pay received during summer advanced camp – is taxable.</p> <p>&nbsp;</p><p>6. Special rules apply to services you perform as a newspaper carrier or distributor. You are a direct seller and treated as self-employed for federal tax purposes if you meet the following conditions:</p><p>• You are in the business of delivering newspapers.<br /> • All your pay for these services directly relates to sales rather than to the number of hours worked.<br /> • You perform the delivery services under a written contract which states that you will not be treated as an employee for federal tax purposes.</p><blockquote dir="ltr"> </blockquote> 7. Generally, newspaper carriers or distributors under age 18 are not subject to self-employment tax. <p>&nbsp;</p><p>Many students get a summer job during their time off from school. Here are the top seven things the IRS wants everyone to know about income earned while working a summer job.</p> <p>&nbsp;</p><p>1. Taxpayers fill out a W-4 when starting a new job. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. Taxpayers with multiple summer jobs will want to make sure all their employers are withholding an adequate amount of taxes to cover their total income tax liability. To make sure your withholding is correct, visit the Withholding Calculator on IRS.gov.</p> <p>&nbsp;</p><p>2. Whether you are working as a waiter or a camp counselor, you may receive tips as part of your summer income. All tip income you receive is taxable income and is therefore subject to federal income tax.</p> <p>&nbsp;</p><p>3. Many students do odd jobs over the summer to make extra cash. Earnings you received from self-employment are subject to income tax. These earnings include income from odd jobs like baby-sitting and lawn mowing.</p> <p>&nbsp;</p><p>4. If you have net earnings of $400 or more from self-employment, you will also have to pay self-employment tax. This tax pays for your benefits under the Social Security system. Social Security and Medicare benefits are available to individuals who are self-employed the same as they are to wage earners who have Social Security tax and Medicare tax withheld from their wages. The self-employment tax is figured on Form 1040, Schedule SE.</p> <p>&nbsp;</p><p>5. Subsistence allowances paid to ROTC students participating in advanced training are not taxable. However, active duty pay – such as pay received during summer advanced camp – is taxable.</p> <p>&nbsp;</p><p>6. Special rules apply to services you perform as a newspaper carrier or distributor. You are a direct seller and treated as self-employed for federal tax purposes if you meet the following conditions:</p><p>• You are in the business of delivering newspapers.<br /> • All your pay for these services directly relates to sales rather than to the number of hours worked.<br /> • You perform the delivery services under a written contract which states that you will not be treated as an employee for federal tax purposes.</p><blockquote dir="ltr"> </blockquote> 7. Generally, newspaper carriers or distributors under age 18 are not subject to self-employment tax. Tax Tips for Recently Married Taxpayers 2008-07-20T00:00:00Z 2008-07-20T00:00:00Z https://www.atltaxcpa.com/tax-tips-for-recently-married-taxpayers.html CPA Taxation [email protected] <h2><br /></h2><p>If you have recently gotten married or plan to get married in the near future, the IRS has some tips to help you avoid stress at tax time.</p> <p>1. Notify the Social Security Administration Report any name change to the Social Security Administration, so your name and SSN will match when you file your next tax return. Informing the SSA of a name change is quite simple. File a Form SS-5, Application for a Social Security card at your local SSA office. The form is available on SSA’s Web site at www.socialsecurity.gov, by calling 800-772-1213 or at local offices.</p> <p>2. Notify the IRS If you have a new address you should notify the IRS by sending Form 8822, Change of Address. You may download Form 8822 from the IRS website IRS.gov or order it by calling 800–TAX–FORM (800–829–3676).</p> <p>3. Notify the U.S. Postal Service You should also notify the U.S. Postal Service when you move so it can forward any IRS correspondence.</p> <p>4. Notify Your Employer Report any name and address changes to your employer(s) to ensure receipt of your Form W-2, Wage and Tax Statement after the end of the year.</p> 5. Check Your Withholding If both you and your spouse work, your combined income may place you in a higher tax bracket. You can use the IRS Withholding Calculator available on IRS.gov to assist you in determining the correct amount of withholding needed for your new filing status. The IRS Withholding Calculator will even provide you with a new Form W-4, Employee's Withholding Allowance Certificate you can print out and give it to your employer so they can withhold the correct amount from your pay. <h2><br /></h2><p>If you have recently gotten married or plan to get married in the near future, the IRS has some tips to help you avoid stress at tax time.</p> <p>1. Notify the Social Security Administration Report any name change to the Social Security Administration, so your name and SSN will match when you file your next tax return. Informing the SSA of a name change is quite simple. File a Form SS-5, Application for a Social Security card at your local SSA office. The form is available on SSA’s Web site at www.socialsecurity.gov, by calling 800-772-1213 or at local offices.</p> <p>2. Notify the IRS If you have a new address you should notify the IRS by sending Form 8822, Change of Address. You may download Form 8822 from the IRS website IRS.gov or order it by calling 800–TAX–FORM (800–829–3676).</p> <p>3. Notify the U.S. Postal Service You should also notify the U.S. Postal Service when you move so it can forward any IRS correspondence.</p> <p>4. Notify Your Employer Report any name and address changes to your employer(s) to ensure receipt of your Form W-2, Wage and Tax Statement after the end of the year.</p> 5. Check Your Withholding If both you and your spouse work, your combined income may place you in a higher tax bracket. You can use the IRS Withholding Calculator available on IRS.gov to assist you in determining the correct amount of withholding needed for your new filing status. The IRS Withholding Calculator will even provide you with a new Form W-4, Employee's Withholding Allowance Certificate you can print out and give it to your employer so they can withhold the correct amount from your pay.