Tag: Tax

2020 Tax Code Changes: What You Need to Know

Most of us have either filed or are wrapping up our 2019 tax filing by this point.  A common question we receive is what will happen to taxes after the election?  Government spending has increased (especially in response to COVID-19 packages) and an increase in revenues will be needed.  Of course, finding consensus on where to increase taxes will not be likely.  At Atlanta Financial Associates, we pay much attention to proposed changes and right now that is all they are, possibilities.  Often, leaders float ideas to see what gains traction.  A couple of the proposals being ‘floated’ right now include…

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IRS Releases 2020 “Dirty Dozen” Tax Scams

Each year the IRS releases a Top 12 or “Dirty Dozen” tax frauds and scams they are seeing in an effort to warn taxpayers of things to be on the lookout for.  I read this each year and the list includes several of the usual suspects but also has some new additions.  You can read the entire IRS list here (IRS Dirty Dozen 2020), but I wanted to highlight a couple of items that I believe are most relevant to our readers…

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Noteworthy Tax Credit Opportunities for Healthcare Providers

Looking for ways to reduce your taxable income while contributing to a cause that hits close to home? State tax credit programs that benefit rural hospitals could be just the outlet you need. These state-run programs allow taxpayers to direct a certain amount of their tax dollars to rural hospitals in need. Since we reside in Atlanta, we are most familiar with the Georgia HEART program outlined below, but others states offer similar programs. Check with your state revenue department to learn if such options are available to you.

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Six Tax Strategies to Consider Before the End of the Year

The tax law changes that went into effect in 2018, changed many things but tax planning moves are still available that can be implemented before the end of the year that can reduce your taxes in 2019.  Whether you are self-employed or a W-2 employee, there are strategies available now that can reduce your tax bill if you act before the end of the year. 

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9 Year-End Tax Tips

This year marks our second year living with the sweeping tax law changes passed at the end of 2017, known as the Tax Cuts and Jobs Act.  How did you fare under the new tax law, or do you know?

Many tax payers had pleasant surprises when they filed their 2018 returns, with smaller tax bills and/or larger refunds than usual.  But some tax payers felt like they didn’t benefit from the tax cuts at all.  As we met with clients in 2019, we found that for some of those clients the total tax paid was in fact higher, but due to higher income levels (from a strong economy and stock market), while tax rates actually did decline from pre-2018 levels. Unfortunately, for a significant minority of our clients, both rates and taxes paid were higher due to limitations on mortgage interest deductions, the elimination of personal exemptions and the cap on state and local tax deductions (the so called “SALT” deductions). 

Regardless of which camp you found yourself in after filing your 2018 taxes, there is still time to minimize what you will owe for 2019 with smart planning.  We have listed 9 tips to consider between now and year-end.

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The New Tax Bill: Tallying the Results

“How did the new tax bill affect me?” was the question on everyone’s minds this tax season, and for good reason. Even though this was touted as the greatest simplification of the tax code in my lifetime, I didn’t notice any reduction in time spent preparing returns. Those of you who reviewed your returns in detail noticed that the schedules look drastically different although contain all the same information. The short answer for many is that it didn’t materially change your overall tax liability. The outliers fell into one of a few buckets…

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