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 […]
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. […]
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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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 […]
RECOVERY REBATE CREDIT & Social Sec Card Wording
RECOVERY REBATE CREDIT ELIGIBILITY You are not eligible for the Recovery Rebate Credit claimed on a 2020 tax return if any of the following applies: You may be claimed as a dependent on another taxpayer’s 2020 return (for example, a child or student who may be claimed on a parent’s return or a dependent parent […]
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