Tag: taxes

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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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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Tax Season is Over! Now What do I do with All of this Paperwork?

It is always a relief to get your tax return filed and satisfy Uncle Sam for another year. But what about all of the tax documents and records you painstakingly pulled together to prepare the return? And what about all of the other “financial stuff” you have been keeping. Do you really need to keep all of that? The answer is “yes” and “no”… There are two things to consider when determining what to save and what can be discarded. The first is whether or not you will ever need that information in the future (and for how long). The second thing to consider is how to securely store what needs to be retained and dispose of what you can toss. A good organizational system will tackle the first issue (what to save and for how long) in a very systematic way. It may seem painful to set up this system initially, but once it is done and if maintained regularly, you can rest assured that whatever you need will be readily and easily accessible.

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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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Tax Scams to Watch Out For

While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme.

Here are some of the more common scams to watch out for:

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