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 […]
Read More… from GEORGIA Unborn Heart Beat Detected is Dependent!
Set Up an Installment Agreement. You really don’t need to hire anyone. Some general rules… If you owe Personal Income Tax of less than $10k, divide the amount by up to 36 months and offer to pay this… it is a GUARANTEED INSTALLMENT AGREEMENT. If you owe Personal Income Tax of less than $25k, divide the amount by up to 60 months and offer to pay this…. It is a STREAMLINED INSTALLMENT […]
Read More… from What if I owe the IRS and Can’t Pay in Full?
A Married Filing Joint couple can sell their home and not pay tax on $500,000 of GAIN if they’s lived in the home 3 out of the last 5 years. There is no requirement to invest in a home of equal or greater value. But, if one spouse dies and the home is then sold […]
Read More… from Can I still qualify for the $500,000 exemption if my spouse died?
Yes, you can do that HOWEVER we are advising clients NOT to do it….. The IRS has announced that an amended return (for any reason) is taking 16 to 20 weeks to process (it is because of this $8,000 credit that the system is bogged down). Today is Nov 20, 2009. If it takes the […]
Read More… from Amending 2008 for the $8,000 First Time Homebuyer Credit
It will not lapse on Nov 30th. If the sales contract is signed by April 30, 2010 and CLOSED by June 30, 2010 you qualify for the extended credit. […]
Read More… from First Time Homebuyers Credit EXTENDED to April 30, 2010
If you’ve owned a home for 5 out of the last 8 years CONSECUTIVELY, you qualify for a tax credit up to $6,500 if you purchase another PRIMARY RESIDENCE aftter November 6, 2009 and before May 1, 2010. The EXISTING Home Owner’s credit of up to $6,500 and the First Time Home Buyer’s Credit of up […]
Read More… from Homebuyers Tax Credit for EXISTING Home Owners!
