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Did You Know



A SEP is a simplified employee pension plan. It provides employers with a simplified method to make contributions toward their employees' retirement and, if self-employed, their own retirement.

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If your capital losses exceed your capital gains, the excess can be deducted on your tax return and used to reduce other income, such as wages, up to an annual limit of $3,000.

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Forms 1099-MISC should be issued to workers for nonemployee compensation if the payer is a trade or business and payments to non-corporate entities are $600 or more during a calendar year for services rendered.

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Georgia has 30+ tax credits available to businesses and individuals.

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U.S. citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when filing their U.S. federal tax return.

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Household employees, such as nannies, should be provided a Form W-2 by their household employer for payments received for services rendered.

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Different tax accounting and depreciation methods are available that might help you defer income and accelerate deductions to reduce current year taxes.

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Determining the most appropriate legal form of business can significantly affect your tax liability, the likelihood of "double taxation," and the amount of compliance required.

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If you are self-employed, you may be able to deduct 100 percent of medical insurance premiums as an adjustment to income rather than as an itemized deduction.

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Certain education credits, such as the Hope Credit and Lifetime Learning Credit, exist and can provide parents of students significant tax-saving opportunities.

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Donating appreciated stock held for more than one year to charity - rather than selling the stock and gifting the proceeds - generally results in tax savings.

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If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury.

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Taxpayers are eligible to claim home office deductions for a portion of the home used exclusively and regularly as a principal place of business.

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In Georgia, you can receive a state tax deduction when contributing to certain college savings plans.

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Small employers that provide healthcare coverage to their employees and that meet certain requirements are generally eligible for a federal income tax credit for health insurance premiums they pay for certain employees.

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Using strategies to shift income from parents to children can reduce the family's overall tax burden.

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