A word of caution on property transfers…..

Let’s say you gave someone $600k of property at today’s market value.  It has been owned along time and only $30k is the original purchase price.  We can add improvements to the original $30k say a pool, additional room,…. Add those improvements of $40k to the $30k and we have what we call BASIS of $70k.  That […]

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There are reasons for Medicare to Increase…. Your income is higher.  That’s good and we hope your income stays higher. But what if it increase because of an unusual event… can we explain that and get it lowered? Well, yes, kind of and maybe.  Check this list.  Even if your reason is not on this […]

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2024 Social Security COLA Increase

Cost of Living Adjustment (COLA) will increase 3.2% for more than 71 million Americans.  For more information go to www.ssa.gov It is a good idea to go to www.ssa.gov and make sure the earnings records are correct.  When I did it, found 2 missing years.  Being that I keep all tax returns I was easily able to provide […]

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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 […]

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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 […]

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