MEDICARE WENT UP ….  OUCH!

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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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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LLC ROADMAP (Operating Business with Rental Activity)

ACCOUNTING (You have TWO businesses) • The bookstore or contracting business (example) is an operating business. Keep revenue and expenses separate from the rental business. This does not mean a separate checking account but it may be easier to maintain records. That is up to you. o The bottom line profit is taxable for income and […]

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Donations for 2020 – new deduction

Nonitemizers can claim an above-the-line deduction max of $300for charitable 2020 cash contributions.  Individuals not itemizing Schedule A can take both the standard deductionand a max deduction of up to $300 in cash contributions. This is per return, meaning couples who file jointly can deduct only $300, not $600. The 60%-of-AGI limit on charitable gifts of […]

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