• 2023 Home Energy Credit 

    Credit available up to $150 for home energy audit on principal residence. Auditor must provide signed written report with significant cost-effective improvements. Must also include estimate of energy & cost savings. For the first year 2023 the auditor need not be qualified. But for the following year 2024….. Put IRS Notice 2023-59 into Google. It…

  • 529 Account to Pay College Debt

    Up to $10k distributions from 529 accounts can be used to pay college debt… This is a LIFETIME limit, not an annual limit. 529 distributions exceeding $10k are taxable and subject to !0% penalty. […]Read More… from 529 Account to Pay College Debt

  • GEORGIA Unborn Heart Beat Detected is Dependent!

    In 2022, the Georgia Department of Revenue made changes to the definition of a dependent for the purpose of tax preparation. Georgia House Bill 481 added an unborn child with a detectable heartbeat to the definition of dependent, effective 7/20/22. On Georgia individual income tax returns filed for tax year 2022 where, at any time…

  • 2022 Long Term Capital Gain Rates

    Tax is applicable on Long Term Capital Gains (LTCG) if your income (NOT INCLUDING LTCG NOR DIVIDENDS) exceeds                                   Single                                $41,675          …

  • Including Extensions

    In reading code (if you ever try to read it you will know why it is called CODE) and regulations (U.S. Treasury Dept interpretation of the Code–this is what we think it means) you will find the term INCLUDING EXTENSIONS. This means INCLUDING A TIMELY FILED EXTENSION. […]Read More… from Including Extensions

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